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Have you heard the saying “today’s 40 is the new 30”? This usually refers to a mentality of an age group as it relates to social trends. In Real Estate this statement should say “today’s 20 is the new 30”. Let me explain.
According to the US Census Bureau, homeownership among the under-30 crowd has been rising. In 1993 less than 15% of individuals younger than 25 owned their own home but in 2006 one in four individuals in this same age group owned their own home.
One third of the individuals between the ages of 25 to 29 owned their own home in 1993. In 2006 the percentage increased to 42% in this same age range.
This recent trend in 20 something’s entering homeownership has had many effects on the housing market. In some areas of the country we have seen resurgence in the downtown areas. Condo sales have increased from 6% of the total housing market in the decade of the 90’s to 13% in 2006. These are just a couple of the effects of this trend on the house market.
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