Millennials Now Largest Home Buyers Individual Median Income vs. Household Income of Home Buyers Ages 25 to 34
This is the second factoid in a series of four factoids detailing Millennial home buying trends, shopping attitudes and habits and whether they lend themselves to home furnishings purchases in the future. Millennials, ages approximately 17 to 34, represent the largest generational cohort in history with numbers exceeding 83 million.
While the sheer size and education of this generation should lend itself to consumers pouring into prime furniture buying years, the negative results of the Great Recession and a delay in marriage has initially slowed down homeownership among Millennials. These first-time home buyers have been sitting out the housing recovery largely because of financial reasons.
Along with staggering college debt, young adults are faced with a slow to increase median income. Millennials ages 25 to 34 earn $31,219 annually, down over 10 percent from a peak of $34,459 in 2007. According to a recently released survey by the National Association of Realtors (NAR) of over 6,000 home buyers July 2014 to June 2015, Millennials purchasing homes have a median household income of $77,400 and take a median of four years to save for a down payment.
Source: National Association of Realtors (NAR)