By Laura Mogil for Houlihan & O'Malley Real Estate

Jul. 29, 2015:  Not all Millennials are living with their parents and struggling to pay off student loan debt. As the economy grows stronger and the 18- to 34-year-olds in this demographic group find their employment prospects improving, Millennials, particularly those on the older end of the spectrum, are looking to buy homes.

Sales data from Houlihan & O'Malley show that the number of Millennials buying homes in Bronxville Village and the Bronxville PO area and vicinity has risen dramatically from 28 percent in 2012 to an average of 40 percent in 2013 and 2014, according to Joe Houlihan, managing partner of Houlihan & O'Malley Real Estate in Bronxville.

This trend is echoed nationally, with Millennials now making up the largest group of home buyers (32 percent of all buyers), according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study.

Generation X, ages 35-49, came in second, with a 27 percent share. Younger Baby Boomers (ages 50-59) made up 16 percent of all buyers, and older Boomers (ages 60-68) made up 15 percent of all buyers. The Silent Generation (ages 69-89) represented only 10 percent of all buyers in the past year.

"Many Millennials endured underemployment and subpar wages during the recession, but now they are advancing in their careers and feel more secure. They see themselves getting raises and promotions, and that encourages them to start looking for a home," said Houlihan. "With interest rates perched at such low levels, now is a great time to buy a house because the mortgage payment might actually be cheaper than renting."

Interestingly, 90 percent of Millennials used an agent to purchase their home, which is the highest share of any generation, according to the NAR study. "Millennials are very savvy and realize that, while they can initially look for a home online, nothing can replace the professional expertise, insights, and guidance of a local, professional Realtor in helping them navigate the complicated process of purchasing a home," said Houlihan.  

According to Houlihan, many of the Millennials his firm represents are arriving from Brooklyn, Queens, and Manhattan's Upper East and West Sides. "They are moving to Bronxville for a variety of reasons, including the excellent schools, short commute to Grand Central, and high-quality facilities such as the town's library and vibrant downtown," he said. "Plus, Bronxville boasts outstanding restaurants, gift stores, coffee shops, and much more. It really offers the 'whole package.'" 

Even if Millennials aren't currently buying a home, many of them are seriously thinking about it. According to a July 2014 Google Consumer Survey, 18- to 34-year-olds were twice as likely as 35- to 54-year-olds to say they planned on purchasing a home in the next year.

A full half of all Millennials visited real estate websites in July of 2014, and 36 percent visited real estate websites or apps on mobile devices (comScore/Media-Metrix). That means Millennials are more than twice as likely as the average US consumer to explore real estate information on a mobile device.

Pictured here:  Joe Houlihan, managing partner of Houlihan & O'Malley Real Estate.

Photo courtesy Houlihan & O'Malley Real Estate