Mar 29, 2012
So, what are Gen-Y’s housing goals?
29 Mar 2012
Posted by Andrew Kantor
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.
- 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.