A new survey by the online real estate firm Zillow shows that about one half of homebuyers in the United States are under the age of 36.
The Zillow study, released Tuesday, highlighted trends that the firm said are transforming the housing market. Among them: Forty-seven percent of homebuyers are millennials and 63 percent of people selling real estate are doing so for the first time.
"The Millennial generation is driving more of the housing market than we previously understood," said Zillow Group's chief economist, Stan Humphries, in the study's forward.
The 200-page report surveyed more than 13,000 residents across the United States between the ages of 18 and 75. The average settled homeowner is white, a Baby Boomer and has a college degree; more than half earn less than $75,000 a year.
The report also showed the fast-paced nature of the current housing market: Many buyers (52 percent) also considered renting and less than half of those surveyed secured the first home they made an offer on.
In addition, Zillow said more people are renting longer than previous generations and the sweeping majority shop for homes online. The study's authors linked that to millennials being more collaborative about home buying.