What's motivating Gen Y to buy?
Posted on Wednesday, August 15, 2012 at 4:59:13 PM
While Baby Boomers entered the housing market under a thriving economy, the most recent generation of professionals, Generation Y or Millennials, born between 1978 and 1995, is facing a significantly different climate. The recent recession has delayed home buying for many Americans who have been focused on keeping their finances above water and securing employment.
According to ERA Real Estate, of the 32 percent of Millenials surveyed who own a home, more than 90 percent bought it because they wanted their own place - signifying an overall personal financial achievement. In contrast, of the 68 percent of respondents who did not own a home, 64 percent view homeownership as a future goal and 53 percent claim it is a strong investment.
"Gen Y will be a key driver of the housing market, buying from Baby Boomers who are looking to retire and downsize," said ERA Real Estate president and CEO Charlie Young. "It is important to understand what motivates Millennial home purchasing and what really matters to this group of consumers."
Potential Gen Y or Millennial homebuyers can check out residential financing options from Home Loan Investment Bank if they believe property ownership is on the horizon for them in the near future.