By: Guest Author, Virginia REALTORS® Chief Economist, Lisa Sturtevant, PhD
Young adults make up an important and growing share of the home-buying market in Virginia. In recent years, a little more than a third of all home purchases in the state were made by people under the age of 35.
Using data from the American Community Survey, I took a look at the characteristics of young (under 35) recent homebuyers and compared them to older recent homebuyers. “Recent homebuyers” were defined as those who had purchase a home in the prior two years.