Living near friends and family is important for younger buyers in the US

Millennial buyers in the United States prioritise living close to friends and family over a home’s location and proximity to schools, and an overwhelming majority used a real estate agent to buy or sell a home. But lack of suitable homes for sale and higher housing costs are preventing some buying with the numbers buying reaching 34% of all sales in 2017, just 2% more than in the previous year, according to new research from the National Association of Realtors. But they are still the most active group of buyers. Generation X buyers ranked second at 28%, a rise of 2%, followed by younger baby boomers at 18% and older baby boomers at 14%. According to Lawrence Yun, NAR chief economist, even though sales to millennials reached an all-time survey high, stubbornly low inventory conditions pushed home prices out of reach for many. As a result, the overall share of millennial buyers remains at an underperforming level. Revealing the greater purchasing power needed over the past year, the typical millennial buyer in the survey had a higher household income at $88,200 in 2017 than the $82,000 recorded in 2016.