Millennial Homebuyers Expect To Stay HOME FOR 10 YEARS

Dated: 07/08/2018

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Only 14 percent of the Millennials and Gen Yers (37 years and younger) who purchased their first house in 2017 anticipate living in their new home for three to five years, reveals the 2018 Home Buyer and Seller Generational Trends Report from NAR. What’s even more significant is that a huge percentage (31 percent) plan to stay put for more than a decade, which defies the traditional homebuying trajectory and places additional pressure on inventory turnover.

-26% plan to stay in their home for 16 or more years

-16% plan to their new home for eight to 10 years

-5% plan to stay in their new home for 11 to 15 years

How much of a home are they typically able to afford?

The nationwide median price of homes purchased by Millennials in 2017 was $220,000. Sixteen percent of Millennials paid $200,000 to $249,999, while 12 percent paid $250,000-$299,000. Another 11 percent purchased homes for $150,000-$174,999.
According to data provided by the Orlando Regional REALTOR® Association, the April 2018 first-time homebuyer affordability index median home price is $201,450. Those who earn the area's median income of $39,755 are about 10 percent short of earning enough to qualify for a home priced at $201,450.

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