Millennials in California value home ownership.
A new survey by the CALIFORNIA ASSOCIATION OF REALTORS® was designed to evaluate the millennial generation’s attitude toward home ownership.
Respondents were asked questions about different things from effect of the recession on their attitude toward home buying to what they look for in a home, and their biggest concerns about home buying. This online survey polled 1,000 CA residents aged 18 to 34, and here are some of the findings:
- Though nearly two in 5 millennials (49%) live with parents, 93% plan to buy a home.
- More than half gave home ownership an importance rating of of 8 or higher on a scale of 1 to 10 – with 1 being not at all important and 10 being extremely important.
- Millennials don’t tie home ownership to a life event, but instead to years; they plan to buy in 5 yeas rather than when they marry or have children.
- More than half (59%) said the housing crisis didn’t affect their attitude toward home ownership being a good investment.
- Majority of those surveyed were uncertain or doubtful they could obtain a mortgage now; 45 percent said they were not sure, while 33 percent said they would not be able to do so.
- 67 percent rent because they cannot afford to buy a home.
- 45 percent cited high home prices and affordability as their main concerns about home ownership.
- Millennial’s top reasons for home buying are freedom to do what they want with their property, privacy, and satisfaction of ownership.
- 57 percent think that location in home buying is most important, above the neighborhood, home features, and walkability, among other things.
- 67 percent plan to purchase a single-family detached home.
- 42 percent want a lot of land, and 41 percent want to live in the suburbs.
- The young group aged 18 to 26 find privacy important, while older millennials aged 27 to 34 find equity important and see home ownership as an investment.
- Of those currently renting, 36 percent would be motivated by affordable home prices to buy now.
- 16 percent said they would be motivated to buy by having the down payment necessary to purchase.
By Harrison K. Long, real estate broker, Realtor, professional real estate representative and attorney at Orange County CA. Source of information is the CALIFORNIA ASSOCIATION OF REALTORS® magazine, February 2015.
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