Millennials are the young homebuyers purchasing their first homes in the current housing market.
About 75 percent of millennials who bought homes in the past two years were first-time buyers, according to the 2013 American Housing Survey.
These millennial homebuyers, mostly ranging in age from 25 to 33, bought more than 2.6 million homes during the past two years.
Compared to older generations, millennials tend to purchase condos or older, smaller, less expensive homes. When choosing what neighborhoods to live in, millennials prioritize proximity to work and school.
The survey found that half of all homes purchased by millennials are “less than 1,650 square feet of living space and cost less than $148,500.” Student loan debt and post-recession timidity contribute to the sizes and price ranges the younger homebuyers choose.
To read an in-depth analysis of millennial home-buying behavior, click here.