Where Are the Generation Y Home Buyers?

 Many buyers are delaying a decision to purchase a home because of the volatility of the real estate market. There is no larger category exhibiting this behavior than those of  Generation Y. To define this segment of the population, we go to Wikipedia:

Generation Y, also known as the Millennial Generation (or Millennials), Generation Next, Net Generation, or Echo Boomers, describes the demographic cohort following Generation X. There are no precise dates for when the Millennial generation starts and ends, and commentators have used birth dates ranging somewhere from the mid-1970s to the early 2000s.

Does this generation wish to own a home?

Yes. A recent survey completed by Trulia shows people between the ages of 18-34 still believe in the concept of home ownership. 65% of those surveyed said “their American Dream includes owning a home”.

Where are these adults living?

Recent research form John Burns Real Estate Consulting shows the number of adults living with their parents has dramatically increased over the past eight years. Below is a graph showing the numbers:

Bottom Line

Generation Y believes in homeownership. Yet, they are delaying the decision to purchase a home of their own. When they do decide to buy, they will impact the housing market in a big way.

The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.

SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.

Comprised of over 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas. 

SIBOR is the provider of the Staten Island Multiple Listing Service (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.

All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).

SIBOR may be reached at 718-928-3220 and visited online at http://siborrealtors.com.

About The Staten Island Board of REALTORS® (SIBOR)