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.
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
Retired - Gaithersburg, MD
Very good advice. Best wishes for continued success!
The colors of winter in Maryland. Life is good!
Feb 03, 2011 08:26 AM
Mortgage Loan Officer Waukesha Wisconsin - Pewaukee, WI
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
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - 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
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
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
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