The Young are Taking the Plunge

About four out of ten Americans aged 18-34 say they are interested in purchasing a home this year. This according to a Harris Interactive study on behalf of MortgageMarvel.com. Last year 18-34 year olds represented 33% of all buyers.  Another interesting trend amongst 18-34 year olds is the purchase of a home together before their wedding date and last year unmarried couples represented 8% of all buyers. Though the affordability of homes has kindled some of this interest, the overall desire to own a home of their own, aka:’The American Dream’, is the primary reason for home purchase according to the National Association of REALTORS 2012 Profile of Home Buyers.

Anyone who says this is becoming a renter nation or that the desire for home ownership is waning doesn't understand the powerful emotional and financial dynamics of home ownership. This is not lost on the young who understand that rents continue to rise and home ownership has historically been the clear path to a better life and the accumulation of wealth.