Based on NAR’s home affordability index, the Midwest has been the most affordable region to own a home, which is comprised of Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, North Dakota, Nebraska, South Dakota and Wisconsin.
Younger Boomers, buyers aged 54 to 63 years, made up 18 percent of all home buyers in 2018, consistent with the previous year.
With mortgage rates on the decline and home prices appreciating at a slower pace, REALTORS® reported that homebuying traffic increased in February 2019 compared to one year ago.
Existing homes, unlike new homes, are homes that are owned and occupied before coming onto the market.
Gen Xers, buyers aged 39 to 53 years, made up the second largest share of home buyers by generation at 24 percent of all home buyers in 2018, down from 26 percent last year.
Respondents to the February REALTORS® Confidence Index expect home prices to typically increase by 1.9 percent nationally, up from 1.4 percent in the January survey.
While most industries are experiencing a new high in total jobs in their sectors, the construction industry is still not back to its prior peak.
Older Millennials, buyers aged 29 to 38 years, made up the largest share of home buyers by generation at 26 percent of all home buyers in 2018.
All states gained jobs, except for Minnesota and Rhode Island, with the strongest job growth occurring in the West region.
Younger Millennials, buyers aged 21 to 28 years, made up 11 percent of all home buyers in 2018, surpassing the Silent Generation as a buying group.
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