NAR recently released its 2017 Home Buyer and Seller Generational Trends study. This is fascinating research, not only because
Those fears were pretty well abated by the survey. Millennial buyers, at 85 percent, were the most likely generation to view their home purchase as a good financial investment. As parents of young children, they’re prioritizing affordability and looking to buy homes in the suburbs.
There was also good news about Generation X.This was the generation who bought their first home, started a family and were mid-career when the Great Recession wreaked havoc on their finances.Many of them bought at the peak of the market and didn’t necessarily develop a great deal of equity in their home. On top of that, they carry the most student loan debt—an average of $30,000.
Finally, the stronger job market and 41 percent cumulative rise in home prices since 2011 have bolstered home equities.That, plus a growing job market, has created enough equity that more homeowners can now trade up to a larger home.
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