Generation X and Y Survey About Home Ownership

There are 105 million Generation X and Y adults out there, and they are educating themselves about home ownership.  They want to make sure they can get a loan,  what it will cost them, what is the best neighborhood and what are the prices there, and also what are the interest rates.  They are willing to do their homework before making a purchase.  Then if they see there is a need, they are willing to work two jobs, eat out less  or move in with parents to save for the closing costs and down payments.  They are NOT the me generation.  They do NOT believe home ownership is their right, but a privilege.

Here are some findings from a recent survey of this age group. 

.  75% believe home ownership is the new BLING, that it is the sign of success over great vacations, fancy new cars or wearing designer clothing.

.  69% believe the right time to buy is when you can afford the house and not change your lifestyle.

. 61% believe the right time to buy is when they land a great job.  (Unfortunately, banking requirements require you to have that "great" job 2 years before giving you a loan.)

. 69% believe that they are alot more knowledgeable about buying a home than their parents were at the same age.  They feel the 2008 housing downturn caused more information to be available and "out there" in front of them, so they study to find the best interest rates, the best neighborhoods, the best loans, so they are prepared when they call a Realtor.

It is good to know that these are responsible adults, not the "me" generation.  I find it also interesting that they like to go see homes with other people, that they wants mom and dad's approval, and their friends' approval, and they are interested in realtors giving as much information as they can.  The previous generation wanted to look at homes with no one there to give an opinion or information, they were the latch key generation, but Generations X and Y want the approval of their peers and elders, and they respect authority. 

Personally, as a realtor with Prudential Ada Realtors in Amarillo, Texas, I love working with this age group.  They actually listen to me when I explain the process, and they are a joy  to have  as clients.