While Sherry Chris, Better Homes and Gardens Real Estate president and CEO, said her group was elated to see in the earlier survey that almost half of millennials could soon be shopping for homes, the revelations about teenager's outlook on home ownership was "overwhelming."
According to Chris, this means that the next generation to reach adulthood will bring about 21 million hopeful home buyers to the market. For reference, just over 5 million existing homes were sold in 2013, according to the National Association of Realtors.
Lest anyone suggest that the survey's respondents are unaware of what it takes to be a homeowner, the study also found that the average teen has an impressively accurate understanding of the price of a home: Of the 97 percent who said they would own a home, they estimate paying on average $274,323 for their first one. The median cost of a new home in June was $273,500, according to the U.S. Census Bureau.
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Not only are teens significantly optimistic about their home buying, but 82 percent also said home ownership is the most important part of the American Dream, according to the survey.
A separate survey of millennials from earlier this year found that only 13 percent believed home ownership to be their most important financial goal. Home ownership lost out to retirement savings in the 18-34-year-old age group.
If 97 percent of teens actually achieve their expectations of homeownership, in the long term this could mean a big boost for that embattled American housing market.
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