Younger Generations Rate Home Ownership Higher

DAILY REAL ESTATE NEWS | TUESDAY, FEBRUARY 12, 2013
Younger Americans place more importance and hold more favorable views toward home ownership than older generations, according to a new survey of about 5,000 potential buyers and sellers.

About 77 percent of those aged 25-34 and 78 percent of those aged 35 to 44 rate home ownership as “very important.” The millennials and Generation X age group represent the ages between 25 and 44.

“Millennials and Generation X — about 85 million people strong — face a unique opportunity in U.S. housing, they are generally optimistic about home ownership and, by nature, share a strong sense of community. As important, many were not impacted by the real estate downturn and are looking at today’s buying opportunities with keen interest.”

Seventy-four percent of all survey respondents say that interest rates at historically low levels make it a great time to purchase a home. The primary drivers for owning a home, according to the survey, were for more control over space, safety, and as an investment.

Still, consumers are cautious about the real estate process. Sixty-two percent of respondents say that obtaining financing is more challenging, and 72 percent say that having a trusted partner as a reliable source of information is important to them.

“It’s been a tough road but the momentum we are seeing across the economy and real estate market appears sustainable,” says Stephen Phillips, chief operating officer for HSF Affiliates LLC. “Real estate agents have a real opportunity to develop new relations with a younger generation ready to invest in a home, and with others who are returning to the market thanks to improving conditions.”

DAILY REAL ESTATE NEWS | TUESDAY, FEBRUARY 12, 2013

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