The albatross of student debt, underemployment and weak wage growth didn’t prevent millennials from accounting for the largest share of home purchases, according to data released Wednesday.
The National Association of Realtors said millennials, or those between 18 and 34 years old, accounted for the largest share of home buyers last year at 32%, according to a report from the National Association of Realtors. Millennials make up 23% of the U.S. population, according to separate data from the Census Bureau.
This is the third year of the survey, and the second year millennials had the top spot.
The median age of millennial homebuyers was 29, their median income was $76,900 and they typically bought a 1,720-square foot home costing $189,900.
Generation X, or those between 35 and 49, was closely behind with a 27% share. The median buyer in that group was 41 years old, had a median income of $104,600 and purchased a 1,890-square-foot home costing $250,000.
The median home purchase for all buyers was 1,870 square feet and cost $216,000.
According to the survey, 13% of all home purchases were by a multi-generational household, consisting of adult siblings, adult children, parents and/or grandparents.