Generation Y Becoming the Highest in Desire to Buy Real Estate

By
Real Estate Agent with Bozeman Broker Group

47% of those who are contained within the age group referred to as Generation Y have proclaimed they plan on purchasing a home within the next five years! (the average public is only at a rate of 29%) Furthermore, 10% of Generation Y say they plan on buying within the year!

It has been the trend that Generation Y members spend more when compared to other generations. Generation Y outspends others on leisure activities (hobbies, video games, electronics, sporting events, and recreational equipment). Because of this, Generation Y also has more debt to pay off compared to most. Specifically troublesome is the student-loan debt at all time highs due to the steep cost of higher education.

I wonder how this will impact the market and how this upcoming generation will change the face of real estate with their unique needs/desires/and changing idea of what their dream homes are.

Source: “Western Union: Gen Y Gives Home Sellers Some Hope,” HousingWire (May 23, 2012)

 

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Topic:
Real Estate Market Trends
Location:
Montana Gallatin County
Tags:
market trends
future real estate
generation y
news in real estate
real estate trends

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Rainmaker
742,568
Alan Kirkpatrick
Alan in Austin
Austin Texas Homes

Tim:

Nice post and great information. Hope you have a super week. 

June 04, 2012 08:04 AM
Rainmaker
1,844,532
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors
Thank you for sharing the information. I will use it in my marketing plan.m
June 04, 2012 08:05 AM
Rainmaker
624,561
Wayne and Jean Marie Zuhl
The Last Names You'll Ever Need in Real Estate
Hallmark Realtors

Good morning, Tim. Very thought-provoking post - the impact of Gen Y on the housing market will be interesting to say the least.

June 04, 2012 08:30 AM
Rainmaker
74,054
Tim Hart
Broker
Bozeman Broker Group

Thanks for your comments all of you.  This article was interesting - hope we can all garner some new biz with this data.   Tim

June 04, 2012 09:21 AM
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Rainmaker
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Tim Hart

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