More than any other age group, Americans between the ages of 18 and 34 feel homeownership is an important part of achieving the American Dream, according to the results of a recently conducted survey. The survey found overall confidence in the housing market is down slightly from last year but aspirations for homeownership are at their highest level in two years. That is largely driven by young Americans who, in addition to expressing a desire to become homeowners, were also more optimistic about home price growth and, among current renters, whether or not they’d someday be able to afford their own home. Millennials are often portrayed as having less interest in homeownership than their parents or grandparents mostly because they’ve been slower than previous generations to enter the housing market. The survey results are encouraging because they show the reverse to be true. It is also good news for the overall housing market, as the number of first-time buyers has lagged behind historical norms over the past few years. More millennial home buyers would boost growth and provide further stability for the housing market. Conducted by Pulsenomics, the survey adds to growing evidence that residential real estate continues to be resilient despite recent economic uncertainty and volatility in the financial markets. More here.
