Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Homeownership desires vary between young, old: NAR
CHICAGO (3/25/14)--A younger homebuyer sees a home as an investment while older purchasers are scaling their home to meet a changing lifestyle, according to an analysis by the National Association of Realtors (NAR).
 
Eight of 10 recent buyers made their purchase decisions citing a "good financial investment," although the range was much higher (87%) for purchasers age 33 and younger than for buyers over 68 (74%).
 
For Gen Y, those under 33, homeownership is an aspiration and a long-term investment, said Lawrence Yun, NAR chief economist.
 
"However, the challenges of tight credit, limited inventory, eroding affordability and high debt loads have limited the capacity of young people to own," Yun said. Of the 20% of Millennial buyers who took longer to save for a down payment, 56% cited student loan debt as the biggest obstacle.
 
Gen Y is the largest share of home buyers at 31%, followed by Gen X at 30%. Younger Boomers, ages 49-58, and Older Boomers, ages 59-67, purchased homes at 16% and 14%, respectively.
 
Older buyers cited being closer to family or friends, retirement or downsizing their home as reasons behind their purchases.
 
The home-buying process begins online for all generations, though, where prospective purchasers search for properties.


RSS print
News Now LiveWire
Why is a #creditunion a good fit for you? http://t.co/i4pGT98mkT via @MONEY
2 hours ago
The numbers are in: Home Depot data breach impact on #creditunions = $57.4 million, 7.2 million credit/debit cards http://t.co/jorYSOYuxj
3 hours ago
.@Nussle : We'll back off when retailers accept their breach responsibility #NewsNow http://t.co/7WxDXicb6j
5 hours ago
RT @asmarterchoice: RT @daily_finance: Top 5 money management tips for 30-somethings http://t.co/mWRfDRSTE7
5 hours ago
Operational efficiencies focus of new @CUNA program #NewsNow http://t.co/qBYHKVYeQN
6 hours ago