Gen Y to the Rescue?

Could the future of the housing market rest in the hands of Generation Y? Generation Y consists of those born in the 1980s and 1990s, and they tend to have an increasing familiarity and reliance on technology and electronics. They are more likely to spend a lot of money on hobbies, electronics and video games – more so than the generations before them. Interestingly enough, they are also more likely to buy a home within the next five years, according to Western Union.

To be more specific, 47% of Gen Y plans on buying a home, compared to 29% of the rest of the population. While they have a much higher student debt rate and more bills, Gen Y is full of big spenders. They will spend 28% more on clothing, 21% on vacation and 34% on groceries, according to Western Union’s Payment Money Mindset Index. But 10% will buy a home in the next year, and 11% are ready to buy their second home.

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