"Older Millennials have quietly become the highest-earning, biggest-spending generation of home buyers in the market, posting the highest median household income of any generational group at $132,700."
"The mechanism driving this transformation is home equity, as older Millennials who bought in the mid-2010s have watched their home values climb substantially, allowing them to trade up to larger properties."
"Only 33% of older Millennial buyers were purchasing for the first time, meaning the clear majority are already homeowners making their next move."
"They really have hit middle age. They're at their peak of their career now or heading in that direction."
Older Millennials, aged 36 to 45, have emerged as the highest-earning generation of home buyers, with a median household income of $132,700. They are purchasing larger homes, averaging 2,100 square feet, and are more likely to have children. This demographic shift mirrors the Baby Boomers' trajectory, as older Millennials utilize home equity gained from previous purchases to upgrade their living situations. Only 33% of these buyers are first-time purchasers, indicating that most are moving up from starter homes to more expensive properties.
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