Boston is an attractive place for Gen Y homebuyers
Homeownership is an important aspect of the American dream. With this in mind, it's also important to consider how Baby Boomers - those with the most spending power today - are nearing retirement, and many property owners may choose to downsize or give up responsibilities associated with caring for a house and land. Therefore, a new generation of Americans needs to start assessing the advantages of homeownership, and then take a leap of faith into the housing market.
Recently, a global real estate resource conducted a consumer survey to better understand attitudes toward homeownership among younger buyers - specifically, Generation Y. The findings show that most Millennials view homeownership as a future goal, and one-third of respondents are already property owners.
"Gen Y will be a key driver of the housing market, buying from Baby Boomers who are looking to retire and downsize," real estate expert CEO Charlie Young said. "It is important to understand what motivates Millennial home purchasing and what really matters to this group of consumers."
Currently, 32 percent of Millennials are homeowners, and more than 90 percent of those people purchased property because they view the investment as a personal achievement. Additionally, 68 percent of respondents do not yet own a home, but 64 percent say it is a future goal and 53 percent indicate they believe homeownership is a good investment.
Real estate in Boston may be ideal for Gen Y Americans, especially as new reports show the Hub is in the top 5 places for younger job-seekers. A recent PayScale Inc. study found that Boston is the fifth best market for Gen Y professionals, with the median salary for Millennials standing at $46,200 and 25 percent of the city's workforce considered to be part of this age bracket. Seattle, Houston, Minneapolis and Washington D.C., were the only other metros to beat out Boston in PayScale's study.
With a significant population of Gen Y Americans wanting to invest in property, it may be advantageous to relocate to the Hub for work. The city's competitive wages, numerous employment opportunities and stable housing market can make homeownership in Massachusetts attainable for younger buyers. When it comes time to invest in the future and the American housing market, Gen Y Americans should consider the Hub as the ideal place to live and raise a family.