Nearly six in 10 homebuyers between the ages of 22 to 40 said just finding the right property was the most challenging step in the buying process. With inventory levels being alarmingly low in recent years and even dropping to record-low levels last year, a number of would-be homebuyers consequently had difficulties finding adequate housing options. Homebuyers ages 75 to 95 were the second most likely to purchase a multigenerational home, and were most likely to purchase senior-related housing, at 27%. "Also, in light of the pandemic, many grandparents and older relatives found that being under a single roof – quarantining with family rather than away – worked out better for them." "There are a variety of reasons why large families and extended families are opting to live together, one of which is that it's a great way to save money," said Jessica Lautz, NAR's vice president of demographics and behavioral insights. The most recent data shows that 82% of younger millennials and 48% of older millennials were first-time homebuyers, more than other age groups.Īccording to the study, during the last year, 18% of homebuyers between the ages of 41 to 65 purchased a multigenerational home – a home that will house adult siblings, adult children, parents or grandparents. Millennials have been the largest share of buyers since NAR's 2014 report. This finding is revealed in the National Association of Realtors®' most recent study on the characteristics of homebuyers, the 2021 Home Buyers and Sellers Generational Trends report. WASHINGTON (March 16, 2020) – The popularity of multigenerational homes increased over the last year, as a rising number of homebuyers purchased larger residences compared to prior years, including millennials who continue to make up the largest share of homebuyers at 37%.
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