Is Gen Y more real estate savvy than their Baby Boomer parents? Well, they sure seem to think so.
According to a new survey from Better Homes and Gardens Real Estate, 18 to 35 year olds think they know more about homeownership than their parents did when they were their age. And you can thank the recent housing downturn for this.
Of the more than 1,000 Gen-yers surveyed, 69 percent said they are more knowledgeable than their parents were when they were in the same age group. Media coverage of the housing crisis has led to this confidence in homeowning know-all, as 77 percent attribute the constant stream of news coverage of the crisis over the past six years to this knowledge. Surely Baby Boomers would be quick to disagree, but one thing they can agree on is that Gen Y is being far more cautious in pursuing homeownership than they had to be.
The survey also provided a glimpse of the homeowning sentiment of this demographic. They are tempted by low mortgage rates, and 69 percent say they will eventually buy, but only once they can safely afford it and it won’t disrupt their current lifestyles.
Moreover, 75 percent of respondents still see homeownership as a key indicator of success; 40 percent would take a second job to help save for a home; and 23 percent would even be willing to move back in with their parent to make that happen.
But is the media really making Gen Y more knowledgeable, or is it just making them more wary? Leave a comment below with your thoughts on Gen-Y homeownership.