70% of Gen Yers Expect To Own A Home By 2020
Gen Y, otherwise known as the Millennials (those that fall between the ages of 19 and 36) are the largest generation in U. S. history with nearly 79 million people . . . more even than the Baby Boomers.
What are the best things about home ownership, according to the homeowners in this generation? According to a recent survey conducted by The Urban Land Institute, they believe that owning is a good long-term investment, neighborhoods provide stability and safety, and they desire their own space and privacy.
While only 26% of Millennials currently own a home, 70% who do not yet own a home expect to become home owners by 2020. Most expect to use the money they have saved for a down payment. Also, many respondents said they are making ends meet with jobs for which they feel overqualified, and are living with parents or roommates to save money. Despite their current lifestyle constraints, most are optimistic about improving their housing and financial circumstances in the near future, with 9 out of 10 believing they will match or eclipse the economic success of their parents.
- Cheryl Bourland's blog
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