Market Myths Gen Y - Renters or Home Owners

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Education & Training with Glasswork Media Arts
Gen Y Gen Y - Renters or Home Owners

There are a lot of indicators that are pointing to continued move toward America's young professionals staying put in their urban apartment rentals and not making the jump to home ownership. There is alot of talk that having seen what recent homeowners have gone through there is no interest from Gen Y to purchase the American dream. But is that really the case? Urban Land Institute recently completed a survey of Gen Y'ers and found that of the 77.4 million people that make up Gen Y, 36% already owned a home. It further found that 70% of those that did not already own a home planned on buying a home in the near future. The misinterpretation appears to be that the Gen Y world is going slower than the previous generation. Gen Y'ers are putting off getting married, and having children. More than half of those people aged 25 - 34 have never been married, or had children, and the average age of the first time home buyer is now 34. That's 6 years older than in 1980.

Who's interpreting the information

Lets keep in mind that Gen Y is a high tech generation, and we already know that the average first time home buyer is spending 6 to 8 months on the Internet looking before they buy. The Gen Y generation has the same desires for home ownership as previous generations did, they are just going about it in their own way, at a slower pace. This is a perfect example of how information can be skewed or even misinterpreted. The savvy agent will put together a business model that takes the life habits of tech savvy Gen Y'ers and us it to their advantage. Home owners are still out there, it's just not like it used to be.
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Rainer
57,540
Mark Nehs
Mortgage Loan Officer Waukesha Wisconsin

Gerry,

So true, it is all in how we look at it.   Thanks.

February 03, 2011 04:47 PM
Rainmaker
608,004
Liz Wallace
Broker C21 Sherlock Homes, Rockville Centre, LI, N
Century 21 Sherlock Homes

I thought I should call your attention to response #2, it appears to be a dead flower and wishes for continued success.  Did you see the movie Black Swan.  Back to reality, home ownership is the American Dream.  They maytake longer, but it is still on their bucket list and it will be done via Internet.

February 03, 2011 06:28 PM
Rainmaker
490,241
Christine Smith
Exclusive Buyer Agent & Attorney, Canton, MA
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com

You are exactly right Gerry. The GenY buyers are looking on the internet, doing their research....they are informed and will be ready to buy when they come to us.

February 03, 2011 07:45 PM
Rainmaker
667,982
Will Nesbitt
Nesbitt Realty is a family-run brokerage.
Nesbitt Realty at Condo Alexandria

The beauty of todays generation and technology. Yep, they'll be coming round son when they're ready and done their fll of research

February 03, 2011 09:49 PM
Rainmaker
1,223,904
Al & Peggy Cunningham Brokers, Brampton Ontario Homes For Sale 905-450-5500
RE/MAX Realty Services Inc.

Gerry these are very very good points, we must keep up with the times and the 'new' generation.

February 03, 2011 10:52 PM
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Ambassador
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Gerry Michaels

GettysburgGerry Social Meida
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