There is a notable difference between young homebuyers aged 30 and below, and older millennial homebuyers in the age range of 31 to 40.
Generally, older millennials have advanced further in their careers, have a more stable income and are already homeowners who are considering a move-up purchase. In contrast, younger people have more financial challenges when competing to buy homes since they are just beginning their careers, have less or no credit history, limited or no savings and generally lower levels of income, according to a CoreLogic blog by its principal, economist Archana Pradhan.
The slim supply of homes for sale is pushing up home prices. Since 2021, record-breaking home price growth has created affordability challenges, especially for young homebuyers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
