Kids of Boomers Are Smarter About Housing

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 Garden Real Estate poll. Nearly 70 percent of the 18- to 35-year-olds say they are more savvy about owning than Baby Boomers were at the same age. Most of them — about 75 percent — still recognize the value of homeownership and consider it an indicator of success. But despite affordable home prices and favorable borrowing costs right now, 69 percent of survey respondents said they would wait to make a purchase when doing so would be affordable and would not disrupt their lifestyles. Some 40 percent said they would work a second job to save up 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,” remarked Matt Rand of Better Homes and Gardens Rand Realty. Member 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.” | Read More