ACCORDING TO A C.A.R. MILLENNIAL SURVEY
Millennials Value Homeownership
T
Main Concerns about Buying
he C.A.R. survey, designed to
evaluate the Millennial generation’s
attitude toward homeownership,
asked questions about everything from the
effect of the recession on attitudes toward
home buying to what they look for in a
home, as well as their biggest concerns
about home
buying. The
online survey polled
1,000 California
residents age 18-34.
Some of the
report’s key findings:
• The majority of those surveyed were
uncertain or doubtful they could obtain a
mortgage now; 45 percent said they were
not sure, while 33 percent said they would
not be able to do so.
• Sixty-seven percent rent because they can-
not afford to buy.
• Forty-five percent cited high home prices
and affordability as their main concerns
about home ownership.
• Half of Millennial renters have student
debt but most don’t feel it is preventing
them from qualifying for a mortgage.
More than four in ten (43%) don’t have
debt that would prevent them from buy-
ing a home.
They Value
Homeownership
• Though nearly two in five Millennials
(49%) live with parents, 93% plan to
buy a home.
• More than half (54%) gave homeowner-
ship an importance rating of 8 or higher
on a scale of 1-10, with 1 being “not at
all important” and 10 being “extremely
important.”
• Millennials don’t tie homeownership to
a life event, but instead to years; they
plan to buy in five years rather than
when they marry or have children.
• Even though many Millennials saw their
parents struggle through the recession,
more than half (59%) said the housing
crisis didn’t affect their attitude toward
homeownership being a good investment.
Why They Want to Buy
• Millennials top reasons for buying are
freedom to do what they want with the
property, privacy, and the satisfaction of
ownership.
• Fifty-seven percent think location is most
important — above the neighborhood,
home features, and walkability, among
other things.
• Two out of three (67%) plan to purchase
a single-family detached home.
• Forty-two percent want to live in the
country, and 41% in the suburbs.
• The younger group (18-26) find privacy
important, while older Millennials (27-
34) find equity important; they see
homeownership as an investment.
Article & Stats Provided By:
Marta Dinsmore, Realtor
Intero Real Estate Services
MartaDinsmore.com
408.840.7420
DRE #01352339
Sean Dinsmore, Realtor
Intero Real Estate Services
DinsmoreThePowerOfTwo.com
408.840.7327
DRE #01966405
November 1, 2014 thru January 31, 2015
February 1 thru March 30, 2015
Active Listings 42
55
0
2
Short Sale
Bank
0
0
Average List Price
949K
$1,054K
Average days on market
42
21
Closed Sales 129
Short Sale
5
Average Sales Price
$677K
Average List Price
$677K
50
Average Days on Market
G M H T O D A Y M A G A Z I N E
MAY / JUNE 2015
gmhtoday.com
71
4
$660K
$664K
45
17