Millennials Lead All Generations In Taking On Mortgages
The latest data survey from realtor.com shows that millennials are outpacing all generations when it comes to taking on mortgages. That age group now holds the largest share of new home loans by dollar volume.
"Millennials are getting older, with better jobs and deeper pockets, allowing them to expand their collective purchase power, and hence, their footprint in the market," said Javier Vivas, director of economic research at realtor.com.
"The stereotype that millennials primarily choose to buy homes and live in large metro areas isn't the reality. Results show millennials' expansion is more heavily conditioned by affordability than in prior years, so their eyes are set on less traditional secondary markets where homes and jobs are now available and plentiful."
Affordability has been the driving factor for millennial home buyers, who are actually moving to cities like Buffalo, NY and Pittsburgh, PA.
"Since early 2017, millennials have been the largest mortgage purchasers by the number of loans originated, surpassing Generation X as the leader in January 2017," according to the release.
"As 2018 came to a close, millennials took on nearly half (45 percent) of all new mortgages, compared to 36 percent for Generation X, and 17 percent for baby boomers."
To learn more about the realtor.com study, click on the image above.
