Monday, November 8, 2010

The American Dream is Alive and Well with Gen Y

The Urban Land Institute (ULI) just released a study that suggests that the echo boomer generation, or Gen Y, holds a high view of the American Dream – despite the housing market collapse -- with the majority of respondents expecting to own homes within five years.

While the largest percentage of Gen Yers currently rent, live with their families, or live in student housing, more than 70 percent expect to own a home by the time they reach their early thirties. Sixty-seven percent of all the respondents expect to own homes by 2015.

The sheer size of the Gen Y generation, nearly 25 percent of the population of the US, means it will have enormous influence on the real estate industry and the economy in general – an impact likely to be as striking and long-lasting as that of the baby boomers.

Eighty-two percent of the survey respondents who said they anticipate owning by 2015 expect to be living in a single-family home, far outstripping the percentage who expect to own a condominium, duplex or townhome. The price of housing – in terms of monthly mortgage payments or lease payments -- ranked as the most important feature, outweighing other features such as green building.

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