The nation’s 70-million strong Generation-Y demographic is more likely than other generations to spend money on hobbies, electronics and video games, but they also may be the homebuyers strapped sellers are looking for.
Western Union released a study Wednesday showing that 47% of Gen-Y plan to buy a home within the next five years or less, compared to 29% of the overall population.
At the same time, this generation is dealing with higher student debt levels, and they have more bills to pay when compared to any other age group. The good news, home sellers, is Gen Y is filled with big spenders, according to Western Union’s Payment Money Mindset Index survey.
Gen Y plans to spend about 28% more on clothing, 21% on vacation and 34% on groceries, the survey says.
Right now, they have about 20% in new student loan debt, compared to 11% on average among members of other generations.
Still, 10% of Gen Y expects to purchase a home in the next 12 months. And about 11% of Gen Y is ready to purchase a second home as compared to 20% of Gen X and 22% of baby boomers.
kpanchuk@housingwire.com
