More millennials are valuing homeownership these days and trying harder to gather the funds for a home of their own, as a recent survey conducted by the Collingwood Group indicated. The survey, released today, showed that 65 percent of people polled between the ages of 24 and 34 were willing to forego modern conveniences in order to save for a down payment to purchase a home. Those conveniences might include cell phones, Internet, cable TV, and Starbucks.
About 75 percent of millennials, commonly known as generation Y, would rather apply for a mortgage loan with a traditional bank as opposed to an alternative lender or nonbank institution, according to the survey, indicating that millennials think more like their parents when it comes to obtaining financing for a first home. About 68 percent of those ages 35 to 75 said they prefer a traditional bank to handle their mortgage loan. The survey also found that millennials were not willing to pay more for a streamlined mortgage process online despite the generation's focus on the Internet.
Consumer expectations for the housing market are showing a slightly more positive outlook for the U.S. economy, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data June 2015 Survey of Consumer Expectations released on Monday. The survey found that home price change expectations rose to 3 point 5 percent, their highest level this year, and median earnings growth as well as household spending growth expectations increased from the prior month.