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Number of millennials buying homes in Phoenix area on the rise

(Pixabay photo)

PHOENIX — There seems to be a new group of buyers invading the Valley’s housing market.

More millennials are starting to purchase homes in the Phoenix area, according to a local real estate agent.

While empty-nesters and middle-aged folks remain the biggest group of home-buyers, Jim Belfiore with the Phoenix-based Belfiore Real Estate Consulting told KTAR News 92.3 FM that he is seeing a lot more millennials signing on the dotted line.

“[Millennials] will become the most substantial buying group over the next decade,” he said, citing the group’s large population as a reason for this prediction.

Belfiore said the millennial population delayed homeownership to a later period in their lives compared to other generations. But now they are starting to hit the period in their lives where they are getting married, having kids and buying homes, he added.

As for what areas of the Valley are popular with millennials, Belfiore said he is seeing large spikes in the area south of the Interstate 10 — “it tends to be more affordable, you can get more home for your buck” — to the San Tan Valley and into parts of Mesa. Belfiore said they are also buying homes in north Phoenix.

KTAR News’ Jeremy Foster contributed to this report.

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