The demographics of home ownership are changing.
Baby boomers and Gen Xers are taking a back seat to minorities and millennials, particularly young women.
The largest segment of the home-buying population continues to be married couples, according to The 2016 National Association of Realtors Home Buyer and Seller Generational Trendsreport. However, the largest home-buying group after married couples is now single women. By contrast, single males made up only 9 percent of new home buyers.
Thirty-two years old is the median age of single women who are first-time home purchasers.
The rate of Hispanic home ownership has also increased in the last decade.
Buyers 35 years and younger represent 35 percent of purchasers. The NAR reported that 67 percent of these buyers were getting into the game for the first time. Educationplays a role: The Bureau of Labor Statistics has noted that college graduates own homes at a much higher rate than their counterparts who finished only high school, so education is another factor.
Click here to view the complete article, which originally appeared at the United Guaranty Corporation website.