American Dream Alive Among Younger GenerationsPosted 02/01/2013
The American Dream is alive and well among younger Americans, according to the year-end Prudential Real Estate Outlook Survey which was released this week. The results stated Millennials and Generation X hold homeownership in higher regard than their older counterparts.
The results indicate overall, homeownership remains important to 96 percent of Americans. However, the strongest responses came from those ages 25-34 and ages 35-44 — 77 percent and 78 percent, respectively, of whom deemed homeownership “very important.”
While it’s tempting to chalk up this sunny outlook to the optimism of youth, experts surmise the attitude likely stems from the fact that members of this group were less impacted by the real estate downturn than others – and therefore are starting out with a clean slate. They are “looking at today’s buying opportunities with keen interest,” said Earl Lee, chief executive officer at HSF Affiliates and president of Prudential Real Estate, in a statement.
Though financing remains a concern among most homebuyers, 72 percent of survey respondents believe having a trusted partner for the process is important, presenting a golden opportunity for real estate agents to develop new relationships with younger buyers and others returning to the market due to improving conditions.
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