4 Reasons Gen Y Values Home Ownership

We are hearing a lot about Gen Y lately.  Also known as Millennials, this group is 70 million-strong and shaping our society.

  • “Gen Y is the fastest growing workforce segment.”
  • “Gen Y communicates primarily through social media.”
  • “Gen Y values purpose and passion.”

Here’s another one for you:

Gen Y views home ownership as a foundation for their future.”

Haven’t heard that one yet?  It’s the result of recent research conducted by ERA Real Estate to better understand how Gen Y is shaping the housing market.

Here are more of our findings; they may surprise you:

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).

Overall, ERA Real Estate’s survey indicates that Gen Y understands the long-term value of home ownership and views a home as a place to grow and spend time with loved-ones. What do you think?  Are these findings surprising?  Are you a member of Generation Y and feel differently or agree?  Let us know in the comments section.

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Tara Davis

A writer at heart, Tara holds more than 17 years of marketing and communications experience. Previously a travel industry professional, she recently hopped the fence to gain a better understanding of real estate and to hone her Public Relations Skills. A mom and avid traveler, Tara tackles topics ranging from what to feed your kid to the next generation and great housing market locations. In line with her love of snowboarding, Tara’s next must-go destination is Sun Valley, Idaho – not for the celeb watching, but for the terrain and scenery.

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