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.