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Millennials’ unique attitude toward homeownership

Millennials are often misunderstood, and projections of future behavior are not always on task – Trulia has separated out the data to reveal their unique attitude toward homeownership.



Americans optimistic about housing

In the recent American Dream Survey by real estate search giant, Trulia, Chief Economist, Dr. Jed Kolko notes that renewed optimism about housing is not without reason, but the pendulum may have swung to far as expectations do no meet the market’s reality.

The study revealed that 58 percent of Americans think prices will return to their peak within 10 years, 78 percent of renters plan to buy someday, and interest in supersized homes (3,200+ sf) nearly doubled in the last year. Dr. Kolko projects that at its current pace of recovery, the housing market will be back to pre-recession normal by 2016, as will the turnaround rate for renters waiting to become homeowners.

With this news, AG asked Trulia to separate out Millennials’ attitudes toward homeownership, because many believe that this generation is content with renting and behaving almost like nomads, but does the data support that theory?

Identifying the 18-34 age group (which has a four year overlap with Generation X, but the points remain), Trulia did see quite a bit of difference in attitudes when compared to the overall adult population.

Millennials are quite optimistic

Dr. Kolko noted that not surprisingly, Millennials are much more likely to be renters, 47 percent compared to the 32 percent for the overall adult population. Millennials are also more likely to want to own in the future, as 92 percent of Millenial renters plan to buy at some point in the future, compared with 78 percent of all renters.

“However, their perspective is shorter-term,” Dr. Kolko added, “and they’re less likely to stay in their next home for a long time. Among Millenials, 17 percent said that if they buy a home they will stay it in less than five years, compared with 11 percent of the overall adult population.”

The takeaway

While Millennials are more certain they’ll own a home in the future, they are also certain that they will live in that home for a shorter period of time, when compared to the overall adult population. This is good news for a sector that will be relying on new buyers to become part of the buyer pool, as existing homeowners are naturally a tad less optimistic, having seen their values drop in most metros.

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  1. Matt Case

    July 3, 2012 at 2:12 pm

    Good breakdown of the data.

  2. HundredStories1

    July 3, 2012 at 2:16 pm

    @AgentGenius You’re included in our Tuesday Top 10 #RealEstate Tweets

  3. thebrendadollteam

    July 3, 2012 at 2:32 pm

    Tara, I think know why the millenials feel this way. They were raised in a bad economy, and were told that they “couldn’t afford” things they wanted, and they think they cannot afford a home of their own. Or maybe they perceive home ownership as a hassle. Most of their parents spoiled them and did things for them, so much that they think they can’t or shouldn’t have to do things themselves. Coming from both sides of the fence (as a GenXer), I can say this because I was raised that way too. It’s a mindset….and an incorrect one. I am learning that “afford” is a state of mind and you must pick and choose exactly what you want, within reason. This generation needs education! 🙂 Not that there is anything wrong with renting, but buying a home is an investment. ~Lynda

  4. AgentGenius

    July 3, 2012 at 3:59 pm

    Thanks, Matt !

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Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?



Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.



aging housing inventory

aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.



zillow move

zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub,, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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