This just in: a recent article in The Huffington Post suggests that many Gen Y would-be home buyers are in a position to buy property now. And by property they mean very small condos – some even with balconies! According to a recent poll done by a prominent real estate marketing company (which the article author happens to head), the savings rate of this 20-35 year old demographic is quite respectable.
It’s quite likely this data is skewed since it was collected from potential home buyers attending one of Key Marketing’s projects being offered for sale – InGastown. Yes, these were people already interested in buying a condo in the very short term. Seems to me this would not be a reliable sampling of this entire demographic – just the ones who hope to buy now in a particular project. The InGastown project does have an interesting gimmick where you can trade your car in towards your down payment.
Finally, within this “article”, the author links to two projects his company is handling the marketing for. In these projects, Gen Y buyers can purchase a home for under $300,000. So, is this an actual news item on Huff Post or a paid marketing piece?