Generation Y finding ownership elusive

Generation Y finding ownership elusive
As they reach adulthood, twenty-somethings are having to lower their expectations for economic prosperity, said Jane Buckingham, president of the market research firm Youth Intelligence. Her specialty is providing marketers with information on popular culture.
"Its really hard to be a Gen-Y now," she said. "This is the generation that grew up optimistic. They were told they were smart. They were told they were the future. Suddenly,[link widoczny dla zalogowanych], terrorism hits and the economy tanks. Even if they did get a job,[link widoczny dla zalogowanych], they are not being promoted to vice president, like they hoped."
Born roughly between 1979 and 1994, members of Generation Y are the nation largest demographic bulge since the baby boomers. As they come of age, the pace of American life is quickening. They are as likely to learn about current affairs from "Tonight Show" host Jay Leno as from newspapers or CNN.
In Southern California,[link widoczny dla zalogowanych], this group is facing a housing price boom that has soared beyond the projections of most economists. While the surge in residential property values is building wealth for their homeowner parents, many twenty-somethings are having a hard time finding the cash to enter the market. It increasingly common for adult children to remain at home.
According to Buckingham, Gen-Y spending habits are partly responsible for the inability to buy homes without assistance. "This is a generation that likes buying fancy sneakers," she said. "They may not have as much saved as they had hoped. I do think they are an entitled generation."
Parents who have the means are likely to reinforce that sense of entitlement, she said. "A lot of parents say,[link widoczny dla zalogowanych], I am going to give them anything,[link widoczny dla zalogowanych], I will try to find them a good place to live. Other major life decisions, such as marriage,[link widoczny dla zalogowanych], likely will be delayed also.
Over the next 20 years,[link widoczny dla zalogowanych], most of the San Diego region population growth will come from "natural increase" rather than migration,[link widoczny dla zalogowanych], said Gary London, a local real estate economist and strategist. "That means our sons and daughters."
If young, financially challenged house hunters are patient, they may yet be able to afford homes in San Diego County,[link widoczny dla zalogowanych], some observers say. La Mesa real estate broker Stan Sexton holds that the current price boom can last. He cites rising inventories of for-sale houses around the region as signs of a downturn.
"I think there is a lot of evidence now that the market has peaked,[link widoczny dla zalogowanych]," Sexton said.
Leslie Appleton-Young, chief economist for the California Association of Realtors, foresees no major price declines, however. She says the rising market is more likely to flatten out than to drop.
"It hard for me to imagine prices falling," she said. "I think you see the rate of appreciation slow."
Over 70 percent of the market is repeat buyers, she noted. It is being driven by established homeowners who are using equity to move up to bigger or better dwellings.
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