Survey Finds Millennials Still Want to Own Homes
The vast majority of Americans in the 18 to 34 age bracket will eventually purchase their own home sometime in the future, but it will likely not been in the next two years, if a survey conducted for Trulia is to be believed.
The survey found that among current renters in this age group, 93% claim they plan to buy a home someday. Of the total group of 18- to 34-year-olds surveyed, 43% are already homeowners. Nearly three-quarters of Millennials, 72%, said homeownership is part of their personal American dream, consistent with the overall survey response.
The 72% response for all survey takers for the American dream question compares with 77% in January 2010 and 76% in February 2009.
For the entire survey population, 31% of renters said they plan to buy a home in the next two years, compared with 28% in May and 22% for January 2011.
“Millennials have been shaken, not scarred by the housing bust,” said Jed Kolko, Trulia’s chief economist. “Nearly all of them want to own a home someday, if they’re not homeowners already. But many of them think today’s low prices and low mortgage rates will last. They may be in for sticker shock if the cost of homeownership has returned to normal levels by the time they’re ready to buy.”