Millennials have been driving the torrid home sales market over the past year as they left cities in search of new homes.
In all, millennials were responsible for more than 60% of rising total home sales in 2020, according to CoreLogic.
Of the 4.75 million home purchases reported in 2020 Home Mortgage Disclosure Act (HMDA) data, approximately 1.78 million homes were acquired by young millennials. The cohort's home sales grew 15.8% since 2019 and are outpacing all other age cohorts. However, in 2019, young millennials' homeownership acquisition grew only 3.4% and lagged behind older millennials or their parents and the baby boomer generations.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
