4 Reasons Gen Y Values Home Ownership

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.