Millennials aren't buying houses...yet, says Zillow report

Posted on Tuesday, August 5th, 2014 at 5:05pm.

A recent report released by online real estate giant Zillow.com showed that the age of the average first-time home buyer is going up, and will continue to do so.

According to the same report from 2013, the typical first-time home buyer was 31 years old. Zillow surveyed the National Association of Realtors and most respondents advised that they expect that number to go up to around 32 or 33 within the next 10 years.

“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 Stan Humphries in a statement.

Humphries also advised that it is dangerous to assume millennials don't want to buy at all and referred to Zillow data that showed some renters from that generation are seeking to buy soon.

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