December 16, 2012
REALIZING THE AMERICAN DREAM VIA SELF-DENIAL, IN THE PURITAN NATION:
Young adults still have their sights set on American dream : A new survey disproves the notion that 'echo boomers' -- a combination of Generations X and Y -- intend to remain renters and are clueless about homeownership. (Mary Umberger, December 16, 2012, LA Times)
Posted by Orrin Judd at December 16, 2012 7:44 AM[A] new survey from a major real estate company, [...] contends that 18- to 35-year-olds do indeed like the idea of owning homes, and they've learned a thing or two from watching their parents struggle with the housing market.And by the way, that young adult child of yours, the one who has moved back home and established residence in your basement? He's probably not a slacker -- he just may be acting "strategically," said Sherry Chris, chief executive of the Better Homes & Gardens real estate brand. Here's an edited version of what her company gleaned about 20- and 30-somethings: [...]What we found was the opposite of all the chatter and noise. This group of young adults is very much in tune with owning real estate. Their values are similar to their parents'. They don't have any feeling of entitlement. They're hardworking, and homeownership is important to them.Nearly all said they were willing to adjust their lifestyles to save for a home. Sixty-two percent said they would eat out less, 40% said they would work a second job and 23% said they would move back home with their parents to save money. They're being strategic about saving money to own a home.They also said that all the media coverage of the housing crisis has taught them the importance of doing their research and planning, and they think they're more knowledgeable about the process than their parents were at their age. But they want to be ready to own -- 69% said that someone is ready to buy if they can maintain their lifestyle, and 61% agreed that the "readiness indicator" is if they have a secure job.I think this group is more cautious and conservative than we thought.