Apostal Group

Chicago real estate market news: millennial homebuyers Niko Apostal 10/18/16

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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:

  • 47% of purchases in the past year went to first-time buyers.
  • Their median age was 33.
  • 62% of buyers have at least a four-year college degree.
  • Latinos make up 17% of millennial homeowners, but just 9% of all homeowners.
  • Asians also make up a greater share of millennial homeowners.
  • Retirement-age homebuyers are paying more money for less space: they paid a median of $250,000 for their new homes, nearly $30,000 more than the home they sold.
  • Just 46% of buyers succeeded in getting the first home they bid on.
  • 47% of millennial homeowners live in the suburbs, 25% live in urban areas.

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