Home / Daily Dose / Millennials Grab Greatest Market Share of Home Purchases Print This Post Tagged with: Down Payment First-Time Homebuyers Millennials National Association of Realtors Millennials Grab Greatest Market Share of Home Purchases Previous: DS News Webcast: Tuesday 3/11/2014 Next: DS News Webcast: Wednesday 3/12/2014 For all the discussion in the industry surrounding Millennials and their apparent lack of presence in today’s housing market, a new study from the National Association of Realtors (NAR) found they now account for the greatest market share of recent home purchases.According to the association’s Home Buyer and Seller Generational Trends study for 2014, Millennials—aka “Generation Y” or “Generation Next”—comprised 31 percent of recent purchases, leading all other age groups. Following that were Generation X (defined as those born between 1965 and 1979), which made up 30 percent.NAR chief economist Lawrence Yun said the increase isn’t that surprising, given that many in the younger generation are now in the peak period in which people buy their first home.“Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand,” Yun said. “Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people.”Indeed, about 87 percent of recent buyers age 33 and younger said they consider their home purchase a “good financial investment” compared to 80 percent of the total survey population.Millennials were also among the age groups most likely to a simple desire to own a home of their own as their motive for purchasing—as opposed to senior generations, who relocated due to retirement or to be closer to friends and family.Still, despite their evident interest, “the challenges of tight credit, limited inventory, eroding affordability and high debt loads have limited the capacity of young people to own,” Yun said.Out of recent Millennial homebuyers, 20 percent said they had to delay their purchase because of difficulties saving for a down payment, with 56 percent of that group pointing to student loan debt as the greatest hurdle.In purchasing characteristics: The median age of recent Millennial buyers was 29, according to NAR, while their median income was $73,600. The typical choice of homes among the group was a 1,800-square foot house costing $180,000.Eighty-seven percent purchased an existing home, and they plan to stay in their homes for a median 10 years.When it comes to shopping, all age groups typically began by looking online for for-sale properties and then contacting a real estate agent, though NAR found Millennials are more likely to also use the Internet to find information about the buying process. When it comes time to actually buy, though, it seems there’s no replacement for a human—according to the study, younger buyers relied more heavily than older groups on real estate agents to help them navigate the process. in Daily Dose, Featured, Headlines, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Down Payment First-Time Homebuyers Millennials National Association of Realtors 2014-03-11 Tory Barringer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily March 11, 2014 628 Views Demand Propels Home Prices Upward 2 days ago Subscribe
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Cantlow was sixth in the Irish National at Fairyhouse on Easter Monday, when If In Doubt was pulled up, while Cause of Causes was eighth in the Grand National. “Everything is up in the air in that department at the minute. We’ll see tomorrow what’s happening,” said Berry. Already assured of a 20th successive title, McCoy has taken a short break from the saddle. He could return to action on Tuesday at either Exeter or Carlisle ahead of the two-day midweek meeting at Cheltenham, as the countdown continues to McCoy’s final farewell on the last day of the season at Sandown on April 25. The fairytale did not come to fruition at Aintree on Saturday, despite a typically brilliant ride by the everlasting champion. Sent off the 6-1 favourite in the hope of making racing’s dream come true, Shutthefrontdoor had every chance but his bid for glory flattened out in the closing stages and he faded into fifth place behind Many Clouds. Shutthefrontdoor, Tony McCoy’s 20th and final ride in the Crabbie’s Grand National, could go back for more next year with a different jockey aboard. Press Association Shutthefrontdoor, trained by Jonjo O’Neill and owned by McCoy’s boss, JP McManus, who gave him his one National triumph with Don’t Push It in 2010, will now go on his summer break before starting afresh next term. “Shutthefrontdoor has come out of the race very well,” said McManus’ racing manager, Frank Berry. “He’s run a blinder, jumped great. He got a great ride and everything went well, but he just didn’t get home. “He had every chance, but just wasn’t good enough on the day, I’d say. “That’s it for the season for him now. We will try again next year, but I wouldn’t make any excuse for him on Saturday.” Though McCoy has failed to add an Irish or an Aintree National to his tally this season, he might get the chance to give racing fans north of the border something to cherish with victory in the Coral Scottish Grand National at the weekend. His sole triumph in the Ayr feature came on Belmont King in 1997. McManus currently has three entries – Cantlow, Cause Of Causes and If In Doubt. However, all three have been in action in the past week.