Better Days Ahead? Millennials Think So
Americans today have an increasingly positive view of the current U.S. economy, despite years of economic uncertainty. According to a recent survey of 1,004 U.S. adults, 74 percent feel the economy is better (41 percent) or the same (33 percent) as a year ago. But it is the country's millennial generation that has the best outlook.
According to the latest PulteGroup Home Index Survey (PGHI) by PulteGroup, Inc., one of the nation's largest homebuilders, 54 percent of millennials indicate the economy is better than a year ago. This optimism remains in line with recent Pew Research indicating 49 percent of millennials say the country's best days are ahead. With this increased confidence, nearly three-fourths (74 percent) of millennials view now as an excellent or good time to buy the things they want or need.
"No other cohort of adults is nearly as confident about their economic future as the millennials are right now," said Jim Zeumer, vice president of corporate communications. "This is definitely a change, as millennials have regularly been viewed as the disenfranchised generation vastly affected by the fallout of the recession. But now, with an increased sense of optimism, this generation is starting to feel as though they have the resources available to lead the lives they want or expect to in the future."
Specific to purchasing decisions, the vast majority (85 percent) of millennials plan to purchase a home in the future, with 65 percent preferring to spend more money on a home that is move-in ready compared to doing renovations. Additionally, 49 percent of millennials plan to purchase a home in the next two years. Of those planning to purchase in the near-term, 56 percent are current homeowners and 41 percent are renters. According to the Company's internal data, 41 percent of its homebuyers were millennials.
The survey also indicated that 58 percent of millennials increased their interest in purchasing a home in the past year as the positive attributes of homeownership resonate with this generation. They associate owning a home with happiness (62 percent), independence (61 percent) and achievement (59 percent). Further, millennials view a home as a financial investment (33 percent) and like the thought of calling themselves a homeowner (35 percent).