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.