You’ve probably heard me lament about the fact that Generation Y home buyers are not coming in to the housing market as quickly as we had hoped.
The Cromford Report has addressed several times about the fact that Gen Y-ers are less likely to purchase homes right now –being saddled with an average of $25,000 of debt for an undergraduate education and having seen their parents lose homes in the Great Recession. In fact, much of last year’s dip in first time homebuyer purchases (sub $200k) was attributed to sluggish Gen Y home purchases.
Well, I thought you’d find this report interesting. Basically, we are finding that the sheer size of the Gen Y generation may compensate for the fact that some are unable or unwilling to purchase a home right now.
Some other highlights:
- Gen Y comprises the largest share of home buyers at 32 percent, which is larger than all Baby Boomers combined.
- Gen Y also has the largest share of first-time buyers at 68 percent.
- Thirteen percent of all buyers purchased a multi-generational home, one in which the home consists of adult children over the age of 18, and/or grandparents residing in the home
- Among all generations of home buyers, the first step in the home buying process is looking online for properties for sale.
Just food for thought. If you are reading this post on your smart phone while simultaneously texting your friends and flipping between vines, this data might impact you more.
Getting the right house the first time you buy a home will set you on the right path for the rest of your life.
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