Gen y ready to splurge in housing market.

• Position: YOUR LIFE - Brief article

Some 47% of the nation's 70,000,000 members of Generation Y plan to purchase a home in five years or less, compared to 29% of the overall population, according to the Western Union Payments Money Mindset Index, which aims to provide a pulse on real estate as well as the mortgage market.

Overall home ownership levels have remained consistent during the past year: 64% of consumers own a home, versus 65% this time a year ago. Collectively, 40% of homeowners believe the housing market will remain stable with no changes compared to last year and 35% think things will improve.

The survey also reveals:

* 11% of Gen Y, 20% of...