It appears that rumors of a lack of first-time home-buyers may be just that: rumors. The Chicago Tribune today reports that, according to data from Zillow, “nearly half of sales in the past year went to people who were buying their first home.” The article goes on to note that, “Zillow’s survey results suggest that this year’s growth in home sales has come largely from a wave of couples in their 30s, who are the most common first-time buyers.” This is in direct contrast to the media portrayal of millennials as unmotivated to own their own homes.
Here are some more interesting statistics from the Zillow study:
Interested in learning more about the demographics of current homebuyers and what it means for the Chicago real estate market? We’d love to chat with you! Contact us.
File: Chicago real estate market