Photo: Flickr / -mrsraggle-
Despite the heated debate on the state of the housing market and the risk prices will plunge yet another 20 per cent, the renting generation still dreams of owning a house. Turns out 84 per cent of 18 to 34 year-olds intend to buy a home, according to a recent poll by TD Bank.
That makes sense since a similar percentage of current homeowners —four out of five—purchased their first home when they belonged to that age group.
These first-time homebuyers often “cite achieving the American Dream” as a primary motivation for purchasing their first home, even though only 30 per cent consider their house a dream home, revealed the findings.
Interestingly, 66 per cent of women intend to own a home compared to 57 per cent of men—no surprise since homeownership rates are soaring among single women compared to men.
As the renting generation attempts to transition into a generation of homeowners, they will need some advice. Already staying within budget is a top consideration for 43 per cent of those who intend to buy.