2016 Home Buying Force Full of Millennials
2016’s Buying Force
Fueling the increase in total sales, realtor.com® predicts three distinct segments of home buyers to dominate: older millennials (25 to 34 years old); younger Generation Xers (35 to 44 years old), and retirees (65 to 74 years old), Smoke says.
Millennials: Millennials are expected to make up the largest demographic of buyers in the coming year at 30 percent of the existing home market.
“Driven by increasing income, millennials will seek out homes that meet the needs of their growing families – putting the most weight on the safety of the neighborhood and the quality of the home,” according to realtor.com®’s forecast. “Commute time and a preference for older homes have these buyers looking in city centers and closer-in suburbs.”
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