Gen Y aspires to homeownership, survey finds

A survey of millennials, born from 1978 to 1995, found that 32 percent have already achieved homeownership – a purchase more than 90 percent of them made because they either wanted their own place or viewed ownership as a symbol of achievement, according to ERA Real Estate.

Homeownership is a future goal of 64 percent of non-owners polled, and 53 percent of millennials who do not yet own houses view them as good investments. About 67 percent cited the importance of affordability in their decision.

The survey also revealed that 83 percent consider proximity to work important, while proximity to family and friends was cited by 67 percent and 65 percent, respectively.

Charlie Young, ERA Real Estate president and CEO, said that “Gen Y clearly understands the long-term value of homeownership from a financial standpoint” and they “view a home as a cornerstone in building a family and spending time with friends, not just a place to eat and sleep.”