Millennials are increasingly optimistic about residential real estate, according to the most-recent Consumer Outlook Survey by Prudential Real Estate. A full 80 percent of respondents ages 25-34 said their perception of the housing market is “favorable” or “somewhat favorable,” representing a 9 percentage point increase from the Q1 study.
Among all respondents, the national survey also found that confidence in real estate and home values jumped sharply, reaching 83 percent in Q2 compared with 77 percent in Q1.Confidence is highest in both South and West regions at 84 percent.
Among all respondents, 70 percent said that finding the right home and community is crucial to family happiness. Millennials were even more emphatic about the emotional side of homeownership: 93 percent favor a home for “more space for my family,” while only 75 percent view it as “financial security to borrow against.”