This is an ongoing series of posts on assisting seniors and their families during transition. Read Ann’s other posts here.
This is the last in a series of 3 installments on generational home-buying preferences. Author, John Tarducci, discusses baby boomer, generation X and generation Y purchasing trends. Below is his piece on generation Y, the wave of the future in real estate trends.
As a group, members of the Gen Y generation (born 1979 through 1996) embrace communications, media and digital technologies like email, texting and instant messaging – they’re the most connected generation in our history, and they give new meaning to the term “multi-tasker.” Their hobbies probably include social networking on Facebook or other social media outlets, they have a strong environmental consciousness and they place a high priority on work/life balance.
Many within the Gen Y group may be renting now, but they’ll be buying homes increasingly this year; a much larger buying wave will begin in 2012, according to a 2008 report by the Urban Land Institute. The #1 Gen Y choice of metro area? New York City.
Here are some interesting insights into Gen Y home buyer preferences and priorities. Continue reading
June 3, 2010
That’s because Gen X buyers – those born between 1965 and 1979 and who are now in their 30s and early 40s – comprise many of today’s “trade up” buyers. And they’re looking for homes that suit a lifestyle that’s very different than that of their baby boomer parents.
The Gen X population, estimated at 81 million strong, dwarfs the baby boomer generation, which numbers roughly 67 million Americans.
Numerous surveys, focus groups and studies reveal a number of Gen X characteristics that affect their home buying preferences. These include a growing environmental consciousness, a tendency to delay starting a family that’s due, in part, to challenging economic conditions, an increase in non-traditional households (where more people are living without a spouse or roommate) and an increase in single-parent households.
As a result, Gen X homebuyers…
May 27, 2010