We Asked It: Do Millennials Plan to Be Homeowners?
According to the Los Angeles Times, real estate developers are worried that the Gen Y cohort may not embrace homeownership (and the mortgages that come with) as readily as previous generations. We talked to Millennials in the Silver Lake and Echo Park neighborhoods of L.A. to find out how important homeownership is to them, and what their ideal home would be like. [Image: Getty Images]
"I Wouldn't Say, 'By a Certain Age'"
“I would say [owning a home] is very important at some point. I’m flexible, I wouldn’t say, ‘By a certain age I want to have a house,’ but I’m from suburbia and used to having a backyard. So it’s important. Baring money, it seems like you could go anywhere. But I guess it would be somewhat spacious and have outdoor space. I like cities and I like space, and it’s hard to find both, so you kind of have to choose.” —Ben, 23 [Image: Bustle]
"It's One of the Most Important Things Financially"
“It’s probably one of the most important things I look forward to financially and that I’m saving for. I think homeownership can be looked at as two separate things: As an investment it could be in the city so you could rent the property out, but for a personal home for a family, I’d rather stay out of the city and be in a suburban area. I just dream of having a yard, nature as a part of it. Enough bedrooms to accommodate a family, but most importantly safety—and the yard.” —Kenia, 24 [Image: Bustle]
"I Think We're a Little Turned Off By McMansions"
“It’s scary to think about but, you want to eventually own a home in the future. It’s hard to see how to do it though. I come from the South originally and comparatively speaking, what you can get there for $150,000 you can’t do here in L.A. Then if you happen to be an artist or something, it’s hard to see how to make it work. I think Millennials grew up in the age of McMansions and we’re a little turned off by that. I think we’re more interested in having something that’s modest but that you can have a family in and call your home, because I think we do still all want to have kids and such.” —Ben, age not specified [Image: Bustle]
"It's Very Important, But I Don't Know How Likely It Is"
“[Home ownership] is very important, however I don’t know how likely it is. I think it’s security in the sense that if you need anything you can rent it and rent something else. It’s a financial backup plan. I work in film, so I might be making a certain amount of money, but I also don’t know when I’m going to be working and when not, so that instability makes it complicated, and not as close as I’d like it to be. Barring money I’d like somewhere with enough land to keep horses and ride. My dad’s been saying since I moved to L.A. I need to have an infinity pool… ” —Jessica, 30 [Image: Bustle]
"Not on My To-Do List at the Moment"
“It’s something I think about, but it’s not on my to-do list at the moment. I lived in big houses as a kid, so I’d like a modest, cool, eclectic house. Nothing to huge because it’d be hard to clean.” —Kate, 25 [Image: Bustle]
"I'd Like to Own Something Really Revolutionary"
“Owning a home is very important. I’m always on the blogs looking at pictures of houses. Being around the nice neighborhoods in L.A., I want that for myself. I’m a big shopper and into fashion, so I’d like to own close to all that. Something that’s really revolutionary, that’s new and innovative and makes you go ‘Wow, this is a house?’ In L.A. I’d want to be more towards Downtown, but also I’d like to live outside of the U.S.—in London or Japan.” —Isaiah, 18“I want my own home because it gives you a sense of independence. Honestly, it doesn’t have to be too big, just somewhere in L.A.” —Kyle, 21 [Image: Bustle]
"It's Not a Huge Goal in My Life"
“I have the usual interest. It’s not a massive desire, but hopefully in the future. I’d probably want to live in the city at first but then I’d like to live in the suburbs. I’d like a spacious place with a lot of glass and double stories.” —Sarah, 22“It’s not a huge goal in my life, but if it happens that would be great. I think the suburbs interest me more. I’d like a home with many rooms so I can adopt a lot of children and have people from all over come and stay with me.” –Kelly, 19 [Image: Bustle]