Generation Y to represent lion’s share of nation’s homeowners

Eight in every 10 homeowners by 2020 will be a millenial.The people who may have seemed like children and students a short time ago are today and tomorrow's homeowners, a new study points out.According to a recent study conducted by the Bipartisan Policy Center, between now and 2020, the overwhelming majority of homeowners in the country will be among individuals who represent Generation Y, also known as echo boomers, born between the 1980s and early 2000s.The report says that more recently, the recession had hit this generation hard, preventing many people from attaining homeownership due to struggles finding a job, among other factors. However, with the baby boomer generation getting older, which has freed up living space, and the economy steadily gaining ground, echo boomers will account for between 75 and 80 percent of owner-occupied housing within the next decade.The Houston real estate market?has more than enough residences to accommodate. According to the U.S. Census Bureau, housing unit development in the Lone Star State?jumped 22 percent from 2000 to 2010. Other states where housing inventory has increased noticeably include Nevada, Arizona, Utah, Idaho, Georgia and Florida.
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