Millennials, also known as Generation Y, have come of age during one of the most turbulent economic times in American history. And these 20-somethings still want to buy homes, despite seeing home values plummet during their formative years.
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“The aspiration for homeownership is still there, but they also recognize it might take a little longer for them to buy,” says Gary Painter, director of research at the Lusk Center for Real Estate at the University of Southern California in Los Angeles.
Doug Perlson, founder and CEO of online real estate firm RealDirect in New York, says millennials — adults younger than 30 — tend to be more conservative than other homebuyers because of their experience with the rocky economy during their college years and as they settled into their first jobs.
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