One of Five Young Buyers Would Move in with Parents to Save for a Home

Some 23 percent of prospective first-time homebuyers under the age to 35 would move back home with their parents in order to save for a home and 40 percent would be willing to work a second job, according to a new survey released today by Better Homes and Gardens® Real Estate. The survey found that three out of four younger potential homebuyers believe owning a home is a key indicator of success and that is earned.  Nearly all those surveyed are willing to adjust their lifestyle in some way to save for the costs of buying a home. Some 69 percent said they believe someone is ready when they can afford to buy while also maintaining their lifestyle. For 61 percent of respondents, the “readiness indicator” is when they’ve landed a secure job. “Every generation faces defining economic events that alter their collective perspective,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “Gen X and Gen Y experienced their ‘coming of age’ moment during the largest housing market downturn in American history. As such, these generations believe that the details, risks and rewards of home buying are integral to their planning.” The Better Homes and Gardens Real Estate Survey was conducted by Wakefield Research among 1,001 Americans, ages 18 to 35, between July 18, 2012 and July 26, 2012, using an email invitation and an online survey. Quotas have been set to ensure reliable and accurate representation of the U.S. population ages 18 to 35.