One impact of the nation’s housing crisis is that younger consumers are likely to be savvier about buying real estate and mortgages than their parents were at the same age, according to a national survey.
More than 77 percent of Americans ages 18 to 35 – the estimated 103 million men and women dubbed Generations X and Y – are expected to be more knowledgeable about home ownership due to increased media coverage that has scrutinized real estate practices for the past six years.
Better Homes and Gardens Real Estate bases its report on a survey of about 1,000 people in July.
Other conclusions from the survey include:
• Not the “me” generation. Nearly all those surveyed are willing to adjust their lifestyle to save for a home by eating out less (62 percent), working a second job (40 percent) or even moving back home with their parents (23 percent).
• In the know. The factors to study before buying include interest rates (58 percent), home prices in a desired neighborhood (59 percent), and the ability to secure a loan (51 percent).
• Strong sense of value. Gen X and Y are less likely to be drawn to flashy signs of success. Seventy-five percent believe owning a nice home is a better indicator of success than extravagant vacations (12 percent), an expensive car (9 percent), or designer clothing (5 percent).
• First things first. Gen X and Y want to make sure they are ready to own. Sixty-nine percent believe someone is ready when they can afford to buy while also maintaining their lifestyle.
For 61 percent of respondents, the readiness indicator is a secure job.