Survey Claims Younger People More Positive on Homeownership
Millennials and Generation X Americans reportedly place a higher value on homeownership than their older counterparts, a Prudential Real Estate survey found. But they also believe that getting financing is more difficult today than it was before the bust.
While 96% of the survey respondents said homeownership was important, it was ranked as “very important” by 77% of those between 25 and 34 and 78% of those between 35 and 44.
The survey was conducted between Dec. 5 and Dec. 15 with the sample consisting of 5,000 people between 25 and 64 who either recently bought or sold a home or they said they were considering buying or selling a home.
"Millennials and Generation X—about 85 million people strong—face a unique opportunity in U.S. housing," said Earl Lee, chief executive at HSF Affiliates LLC and president of Prudential Real Estate.
"They are generally optimistic about homeownership and, by nature, share a strong sense of community. As important, many were not impacted by the real estate downturn and are looking at today's buying opportunities with keen interest."
Right now, 63% of those surveyed said they had a favorable or somewhat favorable perception of the residential real estate market right now, with younger people more likely to have a favorable opinion than older ones.
The bad news is that 62% of respondents said they felt obtaining financing to purchase a home is more challenging than it was before the crisis started.