Prudential Real Estate just released its end-of-year Outlook Survey, which shows that Millennials and Generation X place a higher importance on homeownership than older generations.
Key observations include:
· Home ownership remains important to 96% of Americans with 77% of respondents ages 25-34 and 78% ages 35-44 indicating home ownership is “very important.” More so, 74% of respondents agree that with interest rates at historically low levels now is a great time to buy a home.
· Space, safety and investment drive the reasons to own a home, with 97% respondents stating that home ownership allows for more control over living space. Tax benefits finished a distant sixth on the survey’s reasons for buying a home.
· 63% of Americans have a favorable or somewhat favorable perception of the U.S. residential real estate market and, again, younger generations are more likely to possess a favorable opinion when compared to their older counterparts.