Wednesday, October 31, 2012

Kids of boomers smarter about housing

NEW YORK – Oct. 31, 2012 – Members of Generation Y believe the recent housing slump has made them more knowledgeable about homeownership than their parents were at their age, based on 1,001 responses to a Better Homes and Gardens Real Estate poll.

Nearly 70 percent of the 18- to 35-year-olds say they’re savvier about owning than Baby Boomers were at the same age. And most of them – about 75 percent – still recognize the value of homeownership and consider it an indicator of success.

Buying a first home isn’t easy, however. Despite affordable home prices and favorable borrowing costs, 69 percent of survey respondents said they would wait to make a purchase until they can afford a home and it doesn’t disrupt their lifestyles. Some 40 percent said they would work a second job to save for a home, while 23 percent would move back in with their parents to prepare financially for ownership.

“They’re not going to end up getting into a situation that they’ve seen … where they can’t keep the house because they cannot afford it any longer,” says Matt Rand of Better Homes and Gardens Rand Realty, a New Jersey-New York-based brokerage of Better Homes and Gardens Real Estate. Members of Gen Y “are living at home with their parents, but this [survey] suggests they’re being strategic in living at home – not because they’re slacking.”

Source: MarketWatch (10/22/12) Hoak, Amy

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