Millennials Are the Confident Generation When it Comes to Investing in Housing
Generational survey will look at the factors defining age group in housing buys
Now, the National Association of Realtors are jumping onto the bandwagon with the “Home Buyer and Seller Generation Trends” survey. The study utilizes the same data collected by the NAR for its “Profile of Home Buyers and Sellers” but will also break down the generational numbers, rather than simply the household makeup. The profile survey is said to involve 100,000 mailed questionnaires. Of those sent out an eight-to-10% response tally is expected.
“We had a lot of demand this year for more and more generational data,” said Jessica Lautz, manager of member and consumer survey research at NAR. “We don’t know as much about the new generation coming up as everyone knows about the baby boomers. We don’t know what they’re going to be doing in the marketplace, and since they’re going to be such a huge purchaser of housing, there’s a demand to know more.”
NAR previously noted that millennials are confident that their recent home purchases were a strong financial investment. Nearly 80% of homebuyers are considered to purchase strong investments, the number is higher amongst millennials.
“There’s a lot of conflicting news out there about Gen Y and whether they’re going to be home purchasers or a renter generation,” Lautz said. “That statistic speaks to who those homebuyers are. They are so overwhelmingly optimistic, and they want to buy homes.”
“We have a group of instructors training realtors on becoming professionals who are using the data in part of their training,” she said. “Then our senior citizen and Gen Y groups are using it to become more educated on their segments so they can better serve their clients.”
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