Magazine article Mortgage Banking

Western Union Finds Interest in Home-Buying High among Younger Generations

Magazine article Mortgage Banking

Western Union Finds Interest in Home-Buying High among Younger Generations

Article excerpt

The Western Union[R] Payments Money Mindset Index for the first quarter of 2012 found somewhat strong interest among Generation Y and Generation X in buying a home within the next three to five years. The survey found 21 percent of Generation Y respondents expressing interesting in buying within that timeframe, while 14 percent of Generation X indicated interest in buying within the next three to five years.

Surprisingly, the survey found 9 percent of baby boomers surveyed expressed interest in buying a home in the next three to five years.

The Western Union survey also found that some members of Generation Y said they will be ready to purchase sooner than that. The first-quarter 2012 findings showed that 10 percent of Generation Y said they were interested in purchasing within the next year, while 16 percent of this demographic group said they are ready to purchase within the next one to three years.

The Western Union survey also broke down the buying interest between primary and secondary homes. Generation X expressed surprisingly strong interest in buying both primary and secondary homes. Fully 20 percent of Gen X respondents said they are looking to buy a secondary home in the near future. …

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