In the latest HOME (Housing Opportunities and Market Experience) Survey, 96 percent of buyers 34 and under answered yes to the question: “Do you ever want to buy a home in the future?” Millennials are already the largest group of home buyers compared to other generations at 35 percent, but many of them face distinct speed bumps or even detours on the road to homeownership (such as student debt, rising home prices in some areas, and tightness of credit availability). This post looks at Millennials’ desire to own and compares it by region and to the national figures.
Nationally, 85 percent of those buyers aged 34 and under believe that buying a home is a good financial decision. Twenty-seven percent own their own home, while 48 percent are renters. The main reason they currently don’t own is because they can’t afford to buy, at 57 percent, while 40 percent say that a lifestyle change such as marriage, starting a family, or a new job situation would be the major impetus for becoming homeowners in the future. Eighty-eight percent believe that homeownership is part of their American dream.
In the Northeast, 84 percent of Millennials believe buying a home is a good financial decision, while 88 percent believe homeownership is part of their American dream. In the Midwest, 84 percent also believe buying a home is a good decision and 84 percent believe ownership is part of their American dream. In the South, the numbers are slightly higher with 85 percent in favor of buying as a good financial decision and 91 percent believe that homeownership is part of their American dream. Finally, in the West, the numbers are 86 percent and 90 percent respectively.