The housing bust that crippled the nation in recent years has not deterred younger generations from pursuing the so-called “American dream” of homeownership.
A recent nationwide survey by Better Homes and Gardens Real Estate LLC found that 75 percent of Americans between the ages of 18 and 35 believe owning a home is still a key barometer to success.
Additionally, 69 percent of those in younger generations in the survey believe they are better equipped for homeownership than their parents were at their ages because of lessons learned from the housing crash. The survey was conducted in July and based on responses from about 1,000 individuals between ages of 18 and 35.
“Many people have misconceptions about the priorities, the work ethic and the grit of Generations X and Y,” said Sherry Chris, president and CEO of Better Homes and Gardens, in a statement “Better Homes and Gardens Real Estate sees a group of people who are wise, proactive and are taking a strategic approach to their future.”
For example, the large majority of that age group, 71 percent, say they believe homeownership is earned, not deserved. They are willing to adjust their lifestyles to save up for buying a home someday by eating out less, say 62 percent in the survey, working a second job, according to 40 percent, and even move back in with mom and dad, said 23 percent.
The younger population also values doing homework before buying a home, such as research on home prices in a particular neighborhood (59 percent), interest rates (58 percent) and the ability to secure a mortgage they can afford (51 percent).
They also want to be sure they’re ready to be homeowners, 61 percent of which believe that happens when they have a secure job.
“We realize how important it is for real estate professionals to understand generational differences and be able to adapt their business to best serve these two generations that will drive the economy for the next 30 years,” Chris said.
Better Homes and Gardens Real Estate is a subsidiary of New Jersey-based Realogy Holdings Corp. (NYSE: RLGY). Realogy owns Century 21, Coldwell Banker, Sotheby’s International and other residential brokerage franchises.
Visit www.hbgrealestate.com for more information on the survey.
Source: Phoenix Business Journal