Younger Buyers Feel Smart About Home Ownership
More than three-quarters of Americans who fall within Generations X and Y believe they have become increasingly knowledgeable about home ownership due to the greater media coverage on the real estate market the past six years, according to a Better Homes and Gardens Real Estate survey of about 1,000 18-35 year olds.
These two generations say that before buying they’d do their homework first, researching interest rates, home prices in a desired neighborhood, and the ability to secure a loan. Despite the past housing crisis, these generations say they are not deterred from home buying, and 75 percent say that home ownership is a key indicator of success.
Generations X and Y, which boast 103 million of the population, are viewed as major drivers of the economy for the next 30 years.
Among some of the survey’s findings about Generation X and Y’s perceptions on home ownership is:
- 71% of Gen X and Gen Y surveyed say that home ownership is not something they deserve but rater something you must earn, and they say they’re willing to sacrifice in order to be able to buy a home one day. Sixty-two percent say they would save by eating out less, 40 percent are willing to take a second job, and 23 percent would move back home with their parents.
- 75% say owning a nice home is an indicator of success over taking fancy vacations, owning an expensive car, or owning designer clothing.
- 61% say they’ll be ready to buy when they’ve landed a secure job.
Source: Better Homes and Garden Real Estate
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