So, what are Gen-Y’s housing goals?

Worth a read: The Urban Land Institute’s report, “Generation Y: America’s New Housing Wave.”

A few sample findings (the report is 26 pages long, so there’s lots of food for thought):

  • For the first time in decades, America’s average household size is inching up as Gen-Yers (and even some Gen-Xers) take longer to leave home—or return to their parents after losing a job.
  • image Two-thirds expect to be owners, including over half those in their 20s. Among those who will be in their 30s, three-fourths believe they will be homeowners.
  • Of those saying they do not expect to own by 2015, seven of ten claim they will own at some future time.
  • Over half those currently living with their parents believe they will have acquired their own homes by 2015.
  • Hispanics are ahead of whites in their ownership expectations. Blacks have slightly more
    modest home buying goals, but the difference is not statistically significant.
  • 21% expect to put down less than 10% as down payment; 39% expect it to be between 10% and 20%. And 40% expect to come up with a down payment of more than 20%. (“That such a high percentage of future homeowners expects to put down less than 20
    percent on a home purchase suggests that Gen Y may not be fully apprised of today’s
    tighter mortgage underwriting standards.”)

There’s lots more — future housing preference, interest in walkability, rural vs. suburban vs. urban, and on and on. Check it out.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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