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Why Generation Y values home ownership

October 5th, 2012 by John Kirchner

Call them Generation Y, Gen-Yers or Millennials. Whatever you call them, the age group is 70 million strong and currently makes up the largest group of prospective home buyers.

Generation Y values home ownership, too, according to OwningTheFence.com. Which generation doesn’t? Well, let’s take a look at some of the main reasons why this group is taking advantage of record-low mortgage rates and attacking the limited inventory perhaps like no generation before.

More from OwningTheFence.com based on an August survey by ERA Real Estate:

They are driven.  Gen Y values personal achievement and one of the greatest accomplishments out there is home ownership.  Of those surveyed,  nearly one-third own a home and more than 90 percent of those respondents bought it because they wanted their own place or wanted to own something.

Gen Y is pennywise. Responses indicate that Gen Y is not deterred by the economic downturn, they’re just more cautious and really focused on affordability.  In fact, of the 68 percent of respondents who do not yet own a home, 64 percent view home ownership as a future goal and 53 percent believe it is a good investment.  In addition, nearly 80 percent of Millennials find low real estate taxes to be very or somewhat important.

Millennials are the space-age. Young homeowners need their space.  According to 62 percent of the respondents, living space is important and having enough room for family and friends matters, too.  This indicates a focus on quality of life and family connections.

They work to live.  They do not live to work.  A signal that Gen Y covets quality of life or a work/life balance is the generation’s desire for living close to work (83 percent citing proximity to the office as very or somewhat important), friends (67 percent), family (65 percent) and a good neighborhood (68 percent).

 What strategy have you put forth (if any) to specifically target Gen-Yers?



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