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.

 About the author:...

Gettysburg Gerry is a Social Media Astronaut in the Gettysburg Adams County Pa area, exploring the limitless expanse of the Social Media Universe. He is owner and Principal for the firm Studmuffin Media Arts and partner at SteamFeed.com, the web best source for SoMe, SEO, Technology, business information. Gettysburg Gerry promotes all things Gettysburg, just google Gettysburg Gerry for more info. 

 

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7 Comments on Market Myths Gen Y - Renters or Home Owners

FEB
03
2011
661,380 Points 55 Featured Posts Outside Blog Called Shot Master

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.
4:07pm • #1
1,470,713 Points 27 Featured Posts Outside Blog Called Shot Master

Very good advice. Best wishes for continued success!

 

The colors of winter in Maryland. Life is good!
4:26pm • #2

Gerry,

So true, it is all in how we look at it.   Thanks.
4:47pm • #3
488,552 Points 22 Featured Posts Outside Blog Called Shot Master

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.
6:28pm • #4
430,540 Points 23 Featured Posts Outside Blog Called Shot Master

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.
7:45pm • #5
538,021 Points 6 Featured Posts

The beauty of todays generation and technology. Yep, they'll be coming round son when they're ready and done their fll of research
9:49pm • #6
1,201,838 Points 32 Featured Posts Outside Blog Called Shot Master

Gerry these are very very good points, we must keep up with the times and the 'new' generation.
10:52pm • #7


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