According to a recent report from the National Association of Home Builders (NAHB), one out of three Americans who bought a home between 2011 and 2013 were millennials (those 33 years old or younger). The report, titled “Homes Millennials Buy,” explores the home buying behaviors and preferences of this particular generation.
NAHB analyzed the latest American Housing Survey from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau to identify millennials’ preferred home size, purchase price and methods of financing.
The report found the following:
- Millennials are more likely to buy condominiums and housing in multifamily properties while older generations prefer single-family detached homes.
- Millennials tend to buy smaller, less expensive homes. A majority of the homes purchased by millenials were under 1,200 square feet and over a quarter of the buyers paid less than $100,000 for their home.
- Three out of four millennials purchased a home because of its financial appeal.
- 82 percent of millennials who purchased a home during the two-year period took out a mortgage.
The full report can be found here.