Market Myths Gen Y - Renters or Home Owners

Education & Training with Glasswork Media Arts
Gen Y Gen Y - Renters or Home Owners

There are a lot of indicators that are pointing to continued move toward America's young professionals staying put in their urban apartment rentals and not making the jump to home ownership. There is alot of talk that having seen what recent homeowners have gone through there is no interest from Gen Y to purchase the American dream. But is that really the case? Urban Land Institute recently completed a survey of Gen Y'ers and found that of the 77.4 million people that make up Gen Y, 36% already owned a home. It further found that 70% of those that did not already own a home planned on buying a home in the near future. The misinterpretation appears to be that the Gen Y world is going slower than the previous generation. Gen Y'ers are putting off getting married, and having children. More than half of those people aged 25 - 34 have never been married, or had children, and the average age of the first time home buyer is now 34. That's 6 years older than in 1980.

Who's interpreting the information

Lets keep in mind that Gen Y is a high tech generation, and we already know that the average first time home buyer is spending 6 to 8 months on the Internet looking before they buy. The Gen Y generation has the same desires for home ownership as previous generations did, they are just going about it in their own way, at a slower pace. This is a perfect example of how information can be skewed or even misinterpreted. The savvy agent will put together a business model that takes the life habits of tech savvy Gen Y'ers and us it to their advantage. Home owners are still out there, it's just not like it used to be.

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Active Rain Newbies
The Lounge at Active Rain
Diary of a Realtor
Addicted to Active Rain
WeBlog Anything (almost)!
home ownership
first time home buyer
gen y
young professionals

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Hey Gerry.  Didn't I just see you on Trulia????  Think I commented on one of your blogs there today.  Great information. Thanks for sharing.

Feb 03, 2011 08:07 AM #1
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Very good advice. Best wishes for continued success!


The colors of winter in Maryland. Life is good!

Feb 03, 2011 08:26 AM #2
Mark Nehs
Mortgage Loan Officer Waukesha Wisconsin - Pewaukee, WI


So true, it is all in how we look at it.   Thanks.

Feb 03, 2011 08:47 AM #3
Liz Wallace
Century 21 Sherlock Homes - Rockville Centre, NY
Broker C21 Sherlock Homes, Rockville Centre, LI, N

I thought I should call your attention to response #2, it appears to be a dead flower and wishes for continued success.  Did you see the movie Black Swan.  Back to reality, home ownership is the American Dream.  They maytake longer, but it is still on their bucket list and it will be done via Internet.

Feb 03, 2011 10:28 AM #4
Christine Smith
Buyers Brokers Only LLC - - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

You are exactly right Gerry. The GenY buyers are looking on the internet, doing their research....they are informed and will be ready to buy when they come to us.

Feb 03, 2011 11:45 AM #5
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

The beauty of todays generation and technology. Yep, they'll be coming round son when they're ready and done their fll of research

Feb 03, 2011 01:49 PM #6
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Gerry these are very very good points, we must keep up with the times and the 'new' generation.

Feb 03, 2011 02:52 PM #7
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Gerry Michaels

GettysburgGerry Social Meida
Got a Social Media question
Spam prevention

Additional Information