Homeownership in the cards for Generation Y with a strong desire to purchase next residence
CALGARY — Members of Generation Y strongly desire a house of their own but they’re pessimistic about their ability to do so, according to a new Royal LePage Real Estate survey released on Wednesday.
The survey, which was conducted by Leger Marketing, said 80.9 per cent of the Generation Y (born between 1980 and 1994) respondents said they have plans to move to another primary residence at some point in the future with 39 per cent stating a move is planned within the next two years.
However, the majority of the young generation feel pessimistic about their ability to own a home because of current house price affordability as 44.2 per cent ‘somewhat agree’ with this feeling and 28.3 per cent ‘strongly agree’.
“While Generation Y is more likely to rent their primary residence at this stage in their lives, they do not see this as desirable long-term solution,” said the real estate firm. “An overwhelming 85.7 per cent disagreed with the statement that ‘I do not desire to own a property in my lifetime as renting is preferable to me’.”
Of those who are planning a move, 55.1 per cent of Generation Y intend to purchase their next primary residence while 32.6 per cent plan to rent.
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Source: MARIO TONEGUZZI, CALGARY HERALD MARCH 20, 2013
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