Next Generation Homebuyers

Next Generation Homebuyers

Posted 11/07/2012
According to a recent survey, the next generation of home buyers are more knowledgeable and responsible thanks to lessons from the troubled market.

According to the newly released results of national survey by Better Homes and Gardens® Real Estate, the next generation of homebuyers is knowledgeable, responsible and determined — and they owe it all to the housing crisis.

More than three-quarters (77 percent) of the 18- to 35-year-old Americans polled in the survey credit the increased media coverage of the real estate industry during the six years of the market downturn for helping them become more knowledgeable about home ownership.  Furthermore, responses indicate faith in the American Dream is still alive and well as home ownership was revealed to still be a key indicator of success.

“Every generation faces defining economic events that alter their collective perspective,” Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC, said in a statement, noting that Generations X and Y account for an estimated 103 million Americans. “The Greatest Generation was shaped by the Great Depression and Baby Boomers were impacted by the oil crises throughout the 1970s. Gen X and Gen Y experienced their ‘coming of age’ moment during the largest housing market downturn in American history. As such, these generations believe that the details, risks and rewards of home buying are integral to their planning.”

More key findings from the survey:

Not the “Me” Generation: Home ownership is not something they deserve – it must be earned, according 71 percent of the respondents.

In the Know: Sixty-nine percent of survey participants believe the recent housing downturn has made them more knowledgeable about home ownership than their parents were at their age.

First Things First: Sixty-nine percent of respondents believe home ownership should hinge on being able to afford a home purchase without sacrificing their lifestyle.  For 61 percent of those polled, the “readiness indicator” is the presence of a secure job.

To read more about the Gen X and Gen Y homeownership survey, click here.