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Almost half of Gen Y wants to buy houses

Almost half of Generation Y -- the demographic

Almost half of Generation Y -- the demographic cohort born between about 1979 and 1999 -- want to buy a home soon, a national survey shows. Credit: iStock

Almost half of Generation Y -- the demographic cohort born between about 1979 and 1999 -- want to buy a home soon, a national survey shows.

About 47 percent of the roughly 70 million adults who fall into that age group said they wanted to purchase a home in the next five years and 10 percent said they anticipate doing so in the next 12 months, according to the Western Union Payments Money Mindset Index, which tracks the real estate and mortgage markets.

However, the number of young adults has been shrinking on Long Island, according to the Long Island Index, which is published by the Rauch Foundation in Garden City. The number of people ages 25 to 34 declined 12 percent between 2000 and 2010, even as it grew by 4 percent nationally.

Meanwhile, 22 percent of baby boomers -- those born between 1946 and 1965 -- say they are considering a second home purchase in the next five years, the MMI reported. The share of Long Islanders between the ages of 50 and 64, which includes most of the postwar Baby Boom, reached 20 percent in 2010 according to the Long Island Index.

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