Millennials are taking a lead as property buyers
According to Zillow's recently published report "Buyers: Consumer Housing Trends Report 2021"
A global pandemic, historic economic change and an unprecedented shift in the housing market have been hallmarks of the past year.
But while these large-scale changes have shifted the landscape and have the potential to reshape property sellers’ preferences over the longer term, many behaviors and attitudes remain the same, according to Zillow's recently published report "Buyers: Consumer Housing Trends Report 2021".
Despite low interest rates and an increased desire among renters to buy their next home, 2021’s survey suggests that homebuying became more challenging than past years.
First-time buyers also got more scarce: they represented 43% of buyers when surveyed in 2020, but only 37% in 2021.
Coupled with low inventory, a busy mortgage market may have added hurdles to an already challenging housing market.
Mortgage buyers were 50% more likely to report facing at least one denial before ultimately being approved in 2021 than they were in the previous year.
The median age of US buyers is 43, while the average skews higher (45 years old). Almost one in five buyers (17%) are in their twenties or younger, while roughly a quarter (23%) are in their sixties or older.
Consistent with age, the largest generational group of buyers is between 27 and 41 years old in 2021, the group colloquially known as “Millennials.” About 37% of buyers are Millennials.