There has been a lot of talk about how, as a generation, CT millennials have ‘failed to launch’ into adulthood and have delayed moving out of their family’s home. Some experts have even questioned whether or not millennials want to move out.

The great news is that not only do CT millennials want to move out… they are moving out! 61% of all first-time homebuyers were millennials in 2015!  

The median age of all first-time buyers in 2015 was 31 years old. 

Here is chart showing the breakdown by age:

Many social factors have contributed to CT millennials waiting to buy their first home. 

Those who went to college and took out student loans are finally paying them off, as the terms on traditional student loans are 10 years. This means that a large portion of the generation is making its last loan payments and is working toward saving for a first home.

As a whole, the first-time CT homebuyer share increased to 35% of all buyers, up from 32% in 2014. Not all millennials are first-time buyers, they also made up 12% of all repeat buyers!

Bottom Line

CT Millennials will continue to drive the CT housing market next year, as well as in the years to come. As more and more realize that owning a home is within their grasp, they will flock to own their piece of the American Dream. Are you ready to buy your first or even second home? Contact a real estate professional at Dave Jones Realty who can help with any of your Real Estate needs!