IE Business Daily Business news for the Inland Empire.
Who said millennials don’t care about owning a house?
That may be the fear of some homebuilders, but the assumption might not be true, according to a report released Thursday by the California Association of Realtors.
More than half of the young adults [ages 18 to 34] questioned said they expect to buy a house within the next five years, and 54 percent rated homeownership an 8 on a scale of one to ten in importance, 10 being “extremely important,” the survey stated.
Nearly 60 percent of those surveyed said they expect single-family home prices to increase during the next year, while 63 percent said they expect home prices to be higher in five years.
“Despite recent news reports of young adults moving back home to live with mom and dad, millennials haven’t completely written off buying a home,” said Kevin Brown, association president, in a statement. “Young buyers may have to delay their home purchase, but they eventually hope to own their own home.”
Those surveyed said owning a home is appealing because of the freedom they would have with the property, the privacy a home would provide them and the satisfaction of ownership.
