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Sign into your accountMinorities and Young Keep Homeownership Dream Alive
March 02 2011
Fannie Mae’s latest National Housing Survey found that younger Americans, Hispanics, and African-Americans are generally more positive about owning a home than the general population even though Generation Y (ages 18-34) and minorities suffered the steepest decline in homeownership over the past five years.
Fifty-nine percent of Gen Yers believes buying a home has a lot of potential as an investment, even though this age group has seen their homeownership rate fall forty-four percent when home prices peaked to fewer than forty percent in 2009. The survey, which was conducted from October 15 to December 10, found that Generation Y aligns closely with other generations when considering reasons to buy a home, but assigns a slightly greater value to its impact on their societal status, as a place to raise children, and the potential to build wealth through ownership.