The millennial generation lags behind Generation X when it comes to buying homes in Maryland, according to a survey released by Rockville-based real estate listing service MRIS.
The Baltimore Business Journal recently reported on the results of a survey of 1,100 real estate professionals, which found that 44 percent of Realtors were working with Gen Xers—those born between the 1960s and 1980s. Comparatively, agents worked with millennials 37 percent of the time, The Baltimore Business Journal reports. Millinnials are those who were born after 1980.
In some ways the survey supports research already out there—that more and more, home buying has become a turnoff for younger people whose lack of interest stems from their lack of funds thanks to mounting student loan debt and the fears of financial instability brought on by the Great Recession.
But if they’re not buying homes, where are these millennials choosing to dwell?
An estimated 3 million adults are choosing their parents’ basements, according to a recent column Jon Colie, chairman of MRIS, wrote for The Washington Post.
Colie refers to these folks as the “Boomerang Generation,” citing a recent from the Pew Research Center. According to the study, the share of Americans living in multi-generational family households is the highest it has been since the 1950s and has increased significantly in the past five years.
Adults age 25 to 34 are among the most likely to adopt this living arrangement, according to the study.