Make way. The Millennials are moving in.
The generation bookended by an American boycott of Summer Olympics in Moscow and the 1995 acquittal of O.J. Simpson is now entering the peak period in which people start to buy houses, the National Association of Realtor's chief economist said in a release.
Millennials bought more houses in 2013 than any other generation, according to the NAR's Home Buyer and Seller Generational Trends study.
"Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand," Chief Economist Lawrence Yun said.
Millennial home buyers had a median age and income of 29 and $73,000. They spent $180,000 on their first home, which typically was around 1,800 square feet.
More Millennials might buy houses quicker, but of the 20 percent who took longer to save, about half said they were saddled with student loan debt.
The older generations, Generation X, Young and Older Boomers and the Silent Generation, together made up 69 percent of house purchases in 2013, according to the study. Generation X, born between 1965 and 1979, accounted for 30 percent of those purchases.
