November 9th, 2012 categories: Chicago Real Estate News
Foreclosures are still high. Home values in Chicago and across the country are still about 40 percent off from their peaks in late 2006. Many homeowners are still underwater on their homes, owing more on their mortgage loans than what their homes are worth.
You’d think that young adults would look at this and decide that they’d rather rent than own. But you’d be wrong. As the Chicago Tribune reports, a new survey shows that 18- to 35-year-olds still like the idea of owning a house rather than renting.
In other words, as cliche’ as it may sound, owning a home remains very much part of the American dream for young consumers, even as the housing market continues to struggle.
According to the survey, most young adults are willing to make adjustments to their lifestyles to become homeowners. The survey found that 62 percent were willing to eat out less frequently, while 40 percent said they’d take on the responsibility of working a second job.
The survey also found that 23 percent of these young adults would be willing to move back in with their parents as a way to save the money they needed to become homeowners.
The survey found, too, that young adults have done their research regarding owning a home. The majority of young adults surveyed said that they wanted to be financially secure before buying. A total of 69 percent said that they felt they’d be ready to own a home once they were financially able to maintain their current lifestyle even after taking on a monthly mortgage payment.
Personally, I find the results of this survey to be encouraging. Many stories in local and national media made it sound as if young people were more inclined to rent than to own. It’s good to see a survey that makes the opposite point. After all, our country is stronger when more people own homes. It’s good to see that the younger generation recognizes the financial and emotional benefits of owning a home.