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Deeper debt isn’t stopping millennial buyers



Millennials are taking out the greatest share of all new mortgages and buying homes across price ranges.

But a new study also shows they’re going more into debt at an alarming rate.®’s research team analyzed records for more than 3.2 million mortgages originated from January 2013 to October 2017 and divided it by age groups.

“It’s a mixed bag for millennials,” says Danielle Hale,®’s chief economist.

Young adults born between 1982 and 2000 continue to face not only student loan burdens but also higher home prices that are growing faster than wages.

Compared to other generations, millennials are narrowing the gap in the price of homes they’re purchasing.In September, millennials obtained mortgages on homes with a median purchase price of $237,000.

Generation Xers (born between 1965 and 1981) purchased homes with mortgages on a median price of $280,000, and baby boomers (born between 1946 and 1964) purchased at $258,000.Millennials are purchasing a greater share of homes in nearly all price tiers.

They’ve been purchasing the most starter homes—those below $200,000. They’re purchasing the most low- to middle-tier homes in the $200,000 to $350,000 range.® also predicts that if the current trajectory continues, millennials are set to surpass Gen X by the end of 2018 for the most middle- to upper-tier home purchases (those between $350,000 and $700,000).


About Community Real Estate

Community Real Estate is a Real Estate Brokerage committed to provide quality professional services. We are a full service company with in-house lending. We are Realtor®s and HUD approved selling agents. We are expert Short Sales, Listing Agents and Buyers’ Agents. We also specialize in First Time Buyers, Second Homes, Vacation Homes, Investment Homes, Leasing and Rentals, Relocations, Probate sales, Vacant Land sales, Manufacture Homes/Mobile Homes sales, Foreclosures, Distress Properties and REO listings and sales. We support our America’s Heroes. We look forward to meeting you and your needs!
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CA Department of Real Estate Lic.# 01960213
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