Fewer young people have been buying homes in their 20s and early 30s, compared to previous generations: Only 37 percent of people aged 25-34 owned in 2018, compared to 45 percent of both Gen Xers and baby boomers when they were that age.
But as millennials get older and more financially stable, they're expected to increasingly become a driving force in the residential real estate market. That's according to a recent survey of 1,000 Americans, of whom just over half were aged 18 to 34, from home buying platform Clever Real Estate.
So, how much are they spending?
They're being conservative. About 30 percent of millennials who are planning to buy a home in the next year say their price range is between $100,000 and $199,999, while another 27 percent say they plan to spend between $200,000 and $299,999.
Only 5 percent of survey respondents say they plan to spend $500,000 or more.