Young Americans hopeful on housing, despite financial worries

by Kelli Rogers03 Jun 2013

A new poll shows younger Americans are as interested as ever in buying a home this year, despite some doubting their finances are in the shape to do it.

The online survey, conducted by Harris Interactive for Mortgage Marvel, shows 41% of Americans aged 18 to 34 display an interest in buying a home (46% of men and 36% of women in that age group). Of that group, 17% of men and 6% of women see their finances as “shaky” but still think they can afford to buy a home soon.

Robb Gordon, branch manager of Hometown Lending in Arizona, told MPA he works particularly hard for these first homebuyers.

“I am very bullish on real estate, between prices and interest rates, housing is more affordable than it’s ever been, and owning your own home is still the American dream,” Gordon said. “Sometimes young homebuyers have challenges getting a loan through, and even though they are smaller and less profitable, it’s my obligation to my community to do everything possible to make sure that these young people can get into a home.”

Across all age groups, 30% of respondents said they are interested in buying a home during the next year. Of that group, men were more than twice as likely to risk buying with shaky finances; 10% of men and 4% of women said they still think they can get a home in the next year, even with an uncertain financial situation.

Overall, only 5% of people who have or had plans to buy a home this year said they can’t afford it after reviewing their taxes and finances.

“It’s heartening that young Americans haven’t let go of the American dream of home ownership,” Mortgage Marvel COO Rick Allen said.

The survey was conducted among 2,064 American adults ages 18 and older from April 18 to 22—after the tax filing deadline, “when Americans generally have a clearer picture of their financial health,” Mortgage Marvel reported.

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