More than three-quarters of Gen X and Y Americans surveyed believe that increased media coverage about the housing crisis has resulted in them becoming more knowledgeable homebuyers, according to a national Better Homes and Gardens Real Estate survey of 18-35-year-old Americans.
The X and Y’ers overwhelmingly believe — by 75 percent — that owning a home is a key indicator of success. And they are taking second jobs and moving in with their parents to help them save for a house.
“Every generation faces defining economic events that alter their collective perspective,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “‘The Greatest Generation’ was shaped by the Great Depression and Baby Boomers were impacted by the oil crises throughout the 1970s. Gen X and Gen Y experienced their ‘coming of age’ moment during the largest housing market downturn in American history. As such, these generations believe that the details, risks and rewards of home buying are integral to their planning.”
Other findings from the survey include:
- About 71 percent of the respondents don’t feel a sense of entitlement when it comes to homeownership. They are motivated to adjust their lifestyle to save for a home by eating out less, getting a second job, and moving back in with their parents.
- Some 69 percent of the Gen X and Y’ers believe the housing downturn in recent years has made them become more knowledgeable and motivated to do research in the areas of interest rates, home prices in desired neighborhoods, and the ability to secure a loan.
- Three-fourths believe owning a home is a sign of success.
- About 69 percent believe you’re ready to buy when you can also maintain your lifestyle. And 61 percent believe being ready means having secure employment.
“Many people have misconceptions about the priorities, the work ethic and the grit of Generations X and Y”, said Chris. “Better Homes and Gardens Real Estate sees a group of people who are wise, proactive and are taking a strategic approach to their future. For example, over the last few years high rental statistics have been attributed to an apparent decreased interest in homeownership. Our findings indicate this is not true for Gen X and Gen Y.