47% of those who are contained within the age group referred to as Generation Y have proclaimed they plan on purchasing a home within the next five years! (the average public is only at a rate of 29%) Furthermore, 10% of Generation Y say they plan on buying within the year!
It has been the trend that Generation Y members spend more when compared to other generations. Generation Y outspends others on leisure activities (hobbies, video games, electronics, sporting events, and recreational equipment). Because of this, Generation Y also has more debt to pay off compared to most. Specifically troublesome is the student-loan debt at all time highs due to the steep cost of higher education.
I wonder how this will impact the market and how this upcoming generation will change the face of real estate with their unique needs/desires/and changing idea of what their dream homes are.
Source: “Western Union: Gen Y Gives Home Sellers Some Hope,” HousingWire (May 23, 2012)