Home Ownership is Still the Ticket

The Joint Center for Housing Studies at Harvard University says the echo boomers, those born between the late 70’s and early 90’s, while many live with parents, are no less interested in owning their own homes than past generations, and will drive the housing market in the near future. Numbering 62 million, a 2011 Fannie Mae housing survey revealed 86 percent said they intend to ultimately own a home, and nearly 70 percent said now is a good time to buy. BusinessInsider tells MHProNews.com according to the National Association of Realtors, 31 percent of echo boomers have already purchased homes, and as five million more turn 21 each year, they will be deciding the future of the housing market. At the other end, the affordable housing market is expected to increase as empty-nester seniors seek smaller homes. Glenn E. Crenlin from the Runstad Center for Real Estate Studies says there are almost twice as many echo boomers buying homes now than the baby boomers did at the same point if their lives. As Charlie Young of ERA Real Estate notes, “Homeownership is a key part of America’s social fabric and will continue to be. Not many people grow up to say, ‘I want to rent my home.’ I don’t expect over the long haul there to be any substantial change in buying patterns.”

(Image credit: FirstBankTrust)

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