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Prudential: Homeownership Remains Important to Young Americans

by Peter Thomas Ricci

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Projections on rental demand come about every week, it seems, but a new Prudential Real Estate survey finds that the vast number of young americans still value homeownership.

By Peter Ricci

It was just last week that we reported on a rather spectacular analysis of the U.S. rental markets, which found that rental demand would rise by 6.6 million units in the next three years.

Fresh off that analysis, though, Prudential Real Estate has released findings of its own that offer an entirely contradictory view of where real estate is heading.

 

Prudential Real Estate Analysis – Young Americans Value Homeownership

As Prudential Real Estate found in its Outlook Survey, a year-end study of the housing market that sampled the thoughts of 5,000 Americans aged 25-64, Americans still value homeownership quite strongly, with 96 percent responding that homeownership is “very important” to them. Even more important, though, 77 percent of respondents aged 25-34 (the prime demographic who will drive the aforementioned renting boom) said homeownership was very important.

So who’s right on this one? Will rental demand continue to surge as it did in 2012, or will renters act upon their aspirations for homeownership? Check out the infographic below, which explains more of Prudential Real Estate’s findings, and give us your thoughts in the comments section.

Prudential Infographic (V7)

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