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Millennials, the generation that has had to face a series of financial setbacks from their adolescence to adulthood, have shown to be so resistant that, despite the destabilization caused by the covid-pandemic 04, represent the largest percentage of home buyers in the US
According to data from the National Association of Realtors, people born between 1979 and 1998 accounted for 43% of all US home buyers last year.
The figures show that millennials have bet much more on the real estate market compared to other generations.
The baby boomers, who are those born between 1946 and 1964, represented 29 % of purchases in real estate and only the 22% of members of generation X, born between 1965 and 1979 , bought homes last year.
“It is a trend that we have seen in the last two years, and we saw even more last year”, said Brandi Snowden, senior analyst at the National Association of Realtors.
How have they coped with financial hurdles
According to the National Association of Realtors, the 25% of homebuyers from 23 to 31 years received down payment assistance as a gift from a friend or familiar.
It is a figure that has not changed much since 2014, when the 26% of all millennials, then from 33 years or younger, reported receiving their initial payment as a gift.
“ Millennials have income, but they can’t make down payments “, a former president of the Atlanta Realtors Association, Cynthia Lippert, Associate Broker with Ansley Real Estate near Atlanta.
“However, many have baby boomer parents that give gifts for the down payment”, he added.
Tony Rodriguez-Tellaheche, the owner and managing broker of Miami-based Prestige Realty Group, told NBC News that he estimates that the 25% of their millennial customers ials count on the help of their parents when they buy houses.
Furthermore, many of these millennials who bought a home with the help of their parents, years later, have used the profits from that first property to buy another .
The Association of Real Estate Agents confirms that the proportion of older millennials using proceeds from their first home to finance a new one, reached 26% the year past.
This data is a new maximum that suggests that there are long-term benefits for members of this generation who receive help from parents in the purchase of their first home.
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