The Real Deal New York

Phew! Millennials are snapping up homes like you wouldn’t believe

First-time buyers comprised 38% of single-family home purchases in 2017
February 22, 2018 02:20PM

(Credit: Getty Images)

Calm down, realtors: unlike landlines, napkins and video stores, it looks like buying homes will not die out with the millennial generation.

First-time buyers comprised 38 percent of single-family home purchases last year, their biggest share in the market since 2000, according to Bloomberg. They bought 2.07 million new homes in total, a 7 percent jump from 2016, and a big reason for this is that the oldest members of the millennial generation have started looking for houses as they exchange student loan debt for marriages and children.

The rate of homeownership for Americans younger than 35 rose to 36 percent in the fourth quarter, a number that has not been higher since the beginning of 2014, according to census data. [Bloomberg]Eddie Small