Survey finds next generation of buyers savvy about real estate
What one generation is looking for in a home may not be the same as another, according to a recent survey. Better Homes and Gardens Real Estate recently released the results of its national survey of 18 to 35 year old Americans. The research revealed that Americans in Generation X and Y are savvier than previous demographic groups about the real estate market after living through the housing crisis.
According to the survey, more than 77 percent of Generation X and Y Americans believe they have become increasingly knowledgeable about homeownership due to the high levels of scrutiny the industry has received during the recession. Approximately 75 percent of people included in these groups say they still believe buying a home is a key indicator of personal and professional success.
"Every generation faces defining economic events that alter their collective perspective," said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. "'The Greatest Generation' was shaped by the Great Depression and Baby Boomers were impacted by the oil crises throughout the 1970s. Gen X and Gen Y experienced their 'coming of age' moment during the largest housing market downturn in American history. As such, these generations believe that the details, risks and rewards of home buying are integral to their planning."
In 2011, Sacramento County had a population of 1,436,105 - most of whom were between the ages of 18 and 65, according to the United States Census Bureau. Generation X and Y account for nearly 103 million Americans across the nation, and while there is no way to know with certainty how many live within Sacramento, the Indomitable City is surely an attractive place for people in that age group.
The city’s local attractions, strong employment opportunities and decent median household income could entice a Generation X or Y individual to purchase real estate in Sacramento. According to the U.S. Census Bureau, the median household income from 2006 to 2010 in Sacramento was $56,439.
In August 2012, there was a civilian labor force of 1,044,200 people in the Sacramento-Arden-Arcade-Roseville area, according to the United States Department of Labor. The unemployment rate at that time was 10.3 percent - down from the previous month when the rate was 10.7 percent.
As Generation X and Y begin to contemplate purchasing a home, they may wish to consider moving into the Indomitable City.