Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
675,558+7,403
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.75%-0.01
MortgageOrigination

Millennials continue to outpace older generations in homebuying

Millennials are moving more, spending more and buying more

Continuing a trend that stretches back to one year ago, Millennials are still dominating the homebuying landscape, taking on more mortgages than previous generations.

A report from Realtor.com says that at the end of the third quarter, the Millennial share of mortgage originations increased 3% from last September, coming in at 46%.

(Image courtesy of realtor.com. Click to enlarge.)

Meanwhile, Gen X and Baby Boomer shares continued to fall, to 35% and 17% this year, from 37% and 18% last year, respectively.

As for primary home loan originations, Millennial shares increased also. In September, Millennial share was 44%, up from last year’s 40%.

Gen X shares fell from last year’s 41% to 39%, while Baby Boomer shares fell to 16% from 17% last year.

Millennials were also found to move once every two years, a study from Porch said. Gen Xers moved about every four years and baby boomers stayed in the same place for nearly six years at a time. 

According to the report, Millennials are buying more expensive homes, too.

The median price of a primary home purchased by Millennials went up 6%, to $250,000 compared to last year. Generation X and baby boomers only increased their purchase prices by 5% and 2%, respectively.

(Image courtesy of realtor.com. Click to enlarge.)

Millennials are also increasing the size of loans they are taking out to buy a home, as this generation had a median loan amount of $231,590 in September. This is 7.3% higher than last year.

This growth in mortgage debt undertaken by Millennials outpaces that of both Baby Boomers, which grew by 2.6%, and Generation X, which grew by 4.4%.

Most Popular Articles

Latest Articles

Freddie Mac’s Donna Spencer on their Servicing Excellence initiative 

On today’s sponsored episode, Editor in Chief Sarah Wheeler talks with Donna Spencer, vice president of servicer relationship and performance management at Freddie Mac, to discuss their new Servicing Excellence initiative and the benefits for their partners. Related to this episode: Related to this episode: Servicing Excellence https://sf.freddiemac.com/articles/insights/servicing-excellence Forging a New Path: The Future of […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please