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.