Generation Y Becoming the Highest in Desire to Buy Real Estate

By
Real Estate Agent with Hart Real Estate Solutions RRE-BRO-LIC-24638

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)

 

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Montana Gallatin County
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Rainmaker
1,140,626
Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Tim:

Nice post and great information. Hope you have a super week. 

Jun 04, 2012 08:04 AM #1
Rainmaker
2,882,973
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
Thank you for sharing the information. I will use it in my marketing plan.m
Jun 04, 2012 08:05 AM #2
Rainmaker
1,008,471
Wayne and Jean Marie Zuhl
Hallmark Realtors - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Good morning, Tim. Very thought-provoking post - the impact of Gen Y on the housing market will be interesting to say the least.

Jun 04, 2012 08:30 AM #3
Rainmaker
151,425
Hart Real Estate Solutions
Hart Real Estate Solutions - Bozeman, MT
Broker/Owner

Thanks for your comments all of you.  This article was interesting - hope we can all garner some new biz with this data.   Tim

Jun 04, 2012 09:21 AM #4
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Rainmaker
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Hart Real Estate Solutions

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