Millennials Will Make Up Biggest Buyers Demographic in 2016
Yahoo! released a report through CNBC that 2016 is projected to be the year of the millennials when it comes to home buyers in the market. Realtor.com reports that 1 out of every 3 home buyer will be of the millennial generation.
Who exactly are millennials?
Also known as Generation Y, millennials fall in the range of people born around 1981 to 2000.
As home prices start to cool down a bit in 2016 to become more affordable across the country, the number of sales will increase and we will see many first-time home buyers. People between the ages of 24-35 bought more homes in 2015 than in previous years.
The numbers are growing and will continue to grow as we head into the new year.
Cities to keep your eyes out for:
- San Diego, CA
- San Francisco, CA
- Providence, RI
- St. Louis, MO
- Virginia Beach, VA