The millennial generation - born from 1981 to 1996 - had long been slow to embrace homeownership, studies showed, with many younger Americans in their mid-20s to late 30s reluctant or unable to buy a home.
The median price of a single-family home in Portland, Ore., reached $502,000 last year, a year-over-year increase of 15% in a property market that ranks as one of the hottest in the country.
Homeownership wasn't a priority for the couple before the pandemic, Novak says. But that changed as the global contagion inched closer to the start of its third year. In Washington, D.C., where the median price of a house or condo that sold last November reached an all-time high of $725,000, according to the Greater Capital Area Association of Realtors, younger buyers are fueling much of the sales activity, says Christie-Anne Weiss, vice president and associate broker at TTR Sotheby's International Real Estate.
Home sales surged to a 15-year high in 2021, as low mortgage rates and a protracted pandemic helped fuel higher demand, according to NAR data. Home prices also grew at a record pace across the country last year as buyers in many markets contended with dwindling inventory and a faster pace of sales. The median existing-home price in 2021 reached a record $346,900, up 16.9% from 2020, according to the realty group. The median existing-home price in January reached $350,000, up 15.
"The rental market was pretty competitive," says Patel, an attorney. "And prices were increasing to the point where we knew it would be smarter, financially, to own."
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