Generation Y babies, or as many refer to as Millennials, are a large percent of the current first time home buyers in Ottawa. Generally speaking, this group is young, birth years ranging from early 1980s to early 2000s. So how is this generation able to afford housing costs at such a young age in today’s less than friendly economy? What does the housing market mean for this group, and what effect do the Millenials themselves have on the market?
Inforgraph by BuzzBuzzHome (below) shares eye-opening facts and stats on Gen Y in the housing market, as collected by Genworth Canada’s First-Time Home Ownership Study. To further the topic and gain a greater insight on Millenials and their financial, social, and economical structure as a generation listen to Paul Taylor (Senior Fellow, Pew Research Center) explain just how different this generation is.