SAN FRANCISCO, March 5 (Xinhua) -- The millennial generation, those born after 1980 and came of age in the new millennium, has represented the most active generation of homebuyers in the United States for the seventh consecutive year, said a new report Thursday.
Millennials as a whole made up 38 percent of all the homebuyers over the past year, representing the largest share, said the Home Buyer and Seller Generational Trends report released by the National Association of Realtors (NAR).
The association conducted a survey on 5,870 recent homebuyers in July 2019 through hard-copy or online questionnaires. It researched each generation to examine their different home-buying characteristics.
The survey found that millennials were most likely to purchase a previously-owned home or townhouse, and were those most likely to find their home online and to use the internet during their home search.
Convenience to workplaces and commuting expenses were some of the most important factors to the millennial age group, according to the report.
"For several years now, millennials have shown that homeownership is important to them," said NAR President Vince Malta, a San Francisco-based broker.
"Their reasons vary: some are starting families, others are caring for aging parents, while others found that buying a home was decidedly cheaper than renting," said Malta.
Additionally, millennials had a dominating presence in several other home buying categories, including the one related to first-time buyer totals.
The report shows that 88 percent of younger millennials and 52 percent of older millennials were first-time home buyers, more than every other age group. The older millennials were also the most educated age group, with 79 percent holding at least a bachelor's degree.
In terms of locations, 25 percent of the homes purchased by those aged 22 to 29 were located in a small town, which means the overall affordability influences younger buyers' decision to purchase, according to the NAR.
The report also found that "proximity to friends and family" is a high priority for younger buyers, as 53 percent of this group lists this as a major factor that would influence their decision in selecting a neighborhood.
