Forty-seven percent of Generation Yers say they plan to purchase a home within five years or less, according to a new study released by Western Union. That tops the general population, 29 percent of which say they plan to buy a home in the next five years or less. Ten percent of Generation Y members surveyed are even more eager to jump into the housing market, saying they plan to buy a home in the next 12 months, according to Western Union's Payment Money Mindset Index survey.
But unlike other generations, Gen Y may have some debt to work through first. The surveyed showed that the generation has higher student-loan debt and more bills compared to any other age group. About one in four graduating students who have student loan debt say they will move home after graduation to curb costs.
The survey also found that Gen Y tends to be bigger spenders when compared to other age groups. The survey found that they outspend other age groups in leisure activities, such as on hobbies, video games, electronics, sporting events, and recreation.
Source: “Western Union: Gen Y Gives Home Sellers Some Hope,” HousingWire (May 23, 2012)