Young adults born between 1980 and 1995 are fully entrenched in the acquisition phase of life, comprising the largest segment of homebuyers in the U.S. at 31 percent. At the same time Generation Y is also the smallest segment of home sellers, at 12 percent.
Data compiled by the National Association of Realtors reveals the "desire to own a home" is the most compelling reason Gen-Yers are jumping into the real estate market, with the majority of them planning to hold their home for 10 years.
Young adults are choosing urban areas over suburban or rural regions of the country, city the quality of neighborhood and the cost of commuting to work as the primary reason for selecting a location.
At the same time, student debt presents a challenge for Generation Y to enter the real estate market. 20 percent of those polled cited difficulty in saving for a down payment, and 56 percent stated student debt delayed socking money away for a home purchase.
87 percent of respondents believe that owning a home is a good investment, according to the NAR.
You might also like:
Who Pays when a Meteor Falls on Your House?
Cost-Value Ratio Breaks Six-Year Slump
Leave a Reply.