Sixty-five percent of the millennial generation, ranging in age roughly from 18 to 34, say that their intention to purchase a house has significantly increased in the past year, according to a survey from PulteGroup.
â€œAs the economy continues to stabilize, more young adults will wean off of mom and dad and start to live on their own, spurring added economic growth,â€ HousingWire reports.
Nearly 20 percent of men ages 25 to 34 reportedly live with their parents, while 9.7 percent of women that age still live at home.
As this generation gains greater financial security, more millennials will begin to embark on their own.
A recent article from Barronâ€™s notes that Generation Y could surprise the nation in upcoming years with their spending power and economic growth. The generation is 7 percent larger than the baby boom generation.
â€œMillennials have witnessed the housing boom and bust, but still believe home ownership is a good investment,â€ says Fred Ehle, vice president for PulteGroup.
Source: â€œMillennials Rightly Positioned to Boost Economy,â€ HousingWire (April 29, 2013)