Recently, on CNBC’s Closing Bell, Shark Tank investor Kevin O’Leary, also known as “Mr. Wonderful,” said Millennials “don’t give a poo-poo about owning a house.” This thinking couldn’t be further from the truth. Let’s give a few examples to make this point.
1.) In the recent National Housing Market Survey conducted by Fannie Mae, it was revealed that:
“…data indicates that millennial renters today have as much desire to own a home as the general population of renters. According to NHS data, the substantial majority of renters age 25-34 say that owning makes more sense than renting from a financial perspective. A majority also agree that owning makes more sense than renting from a lifestyle perspective. The vast majority of millennial renters tell us they plan to own a home at some point in the future.”
2.) A recent Merrill Lynch report found that 81% of Millennials agree that “homeownership is an important part of their personal American Dream” 3.) The most recent H.O.M.E. Survey explained that 85% of Americans ages 34 and under believe that “homeownership is a good financial decision”.
Kevin O’Leary might be a great white shark when it comes to investing in companies. However, he is just a guppy when dealing with the residential real estate market.