Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Homeownership desires vary between young, old: NAR
CHICAGO (3/25/14)--A younger homebuyer sees a home as an investment while older purchasers are scaling their home to meet a changing lifestyle, according to an analysis by the National Association of Realtors (NAR).
 
Eight of 10 recent buyers made their purchase decisions citing a "good financial investment," although the range was much higher (87%) for purchasers age 33 and younger than for buyers over 68 (74%).
 
For Gen Y, those under 33, homeownership is an aspiration and a long-term investment, said Lawrence Yun, NAR chief economist.
 
"However, the challenges of tight credit, limited inventory, eroding affordability and high debt loads have limited the capacity of young people to own," Yun said. Of the 20% of Millennial buyers who took longer to save for a down payment, 56% cited student loan debt as the biggest obstacle.
 
Gen Y is the largest share of home buyers at 31%, followed by Gen X at 30%. Younger Boomers, ages 49-58, and Older Boomers, ages 59-67, purchased homes at 16% and 14%, respectively.
 
Older buyers cited being closer to family or friends, retirement or downsizing their home as reasons behind their purchases.
 
The home-buying process begins online for all generations, though, where prospective purchasers search for properties.


RSS print
News Now LiveWire
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
7 hours ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
10 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
10 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
12 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
12 hours ago