Millennials in California Value Home Ownership

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.

MillennialsLookingTowardHomeownership, 11-19-2014Respondents 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.

Millennials want home ownership

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. 

Coldwell Banker residential brokerage

 

 

We provide professional real estate agent and broker representation – help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  Contact us at 949-854-7747 with your questions about home prices and the home selling and/or buying process at Orange County CA cities and areas.  ~  “Millennials in California value home ownership”.

About Harrison K. Long

Professional real estate representative, Realtor agent, GRI, Broker associate, Evergreen Realty HomeSmart, Orange County, California - CALBRE #01410855 - Serving property owners, estate trustees, executors and administrators, fiduciaries, bankers, investor group managers, with listing and sale of properties - helping people with their best decisions about homes and real estate - Orange County Association of REALTORs, member and prior service on its board of directors for 2012; California Association of Realtors, member and now serving on its board of directors - Also an attorney member of the California State Bar Association #69137 - Contact by telephone or text at 949-701-2515
This entry was posted in California home selling, California homes, California real estate, Millennials and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *