Young adults, often portrayed as struggling amidst economic and financial challenges, represented the largest share of recent home buyers, according to the National Association of Realtors.
The Millennial generation, comprised of those 34 and younger, represented 32 percent of all buyers in 2014. Generation X, ages 35–49, had a 27 percent share of home purchases.
“Over 80 percent of Millennial and Gen X buyers consider their home purchase a good financial investment, and the desire to own a home of their own was the top reason given by Millennials for their purchase,” said Lawrence Yun, NAR chief economist, in a statement. “Fixed monthly payments and the long-term financial stability homeownership can provide are attractive to young adults despite them witnessing the housing downturn and subsequent slow recovery in the early years of their adulthood.”
The share of first-time buyers has fallen from 38 percent in 2013 to 33 percent in 2014, the lowest share since 1987.
