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?