Online real estate company Zillow released data on Friday that showed the age of a typical first-time home buyer is on the rise and is expected to continue to go up in the coming years.
In 2013, the typical first-time home buyer was 31 years old. The majority of respondents to Zillow's survey of Realtors in the expected that age to go up to 32 or 33 in the next decade. “Because of its huge size and great diversity of housing preferences and opinions, the millennial generation will have enormous influence in coming years, especially as they hold off on getting married and having children, the two biggest reasons for first-time home purchases,” said Zillow Chief Economist , in a statement.
Humphries went on to say that it is dangerous to assume millennials don’t want to buy at all and cited Zillow data that showed some renters do want to buy soon.