A survey of 18- to 35-year-old Americans shows that the housing downturn hasn’t deterred most from aspiring to buy a home, and most feel that the crisis made them more knowledgeable about homeownership.
Commissioned by Better Homes and Gardens Real Estate, the online survey of 1,001 members of "Gen X" and "Gen Y" was conducted by Wakefield Research between July 18 and 26.
For 69 percent of respondents, a key "readiness indicator" that someone is ready to buy a home is whether they can also maintain their lifestyle. For 61 percent of respondents, the indicator is that they’ve landed a secure job.
The top areas to research before buying were home prices in a desired neighborhood (59 percent), interest rates (58 percent), and the ability to secure a loan (51 percent).
Many said they were willing to adjust their lifestyle to save for a home by eating out less (62 percent), working a second job (40 percent) or moving back home with their parents (23 percent).
Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC, said in a statement that the survey shows that just as the 1970s oil crisis influenced the thinking of baby boomers, the housing downturn has helped members of Gen X and Gen Y come to "believe that the details, risks and rewards of homebuying are integral to their planning."
Better Homes and Gardens Real Estate, Chris said, "recognizes this shared generational experience and its effects on young homebuyers. We realize how important it is for real estate professionals to understand generational differences and be able to adapt their business to best serve these two generations that will drive the economy for the next 30 years."