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.
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
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.
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