20 Oct Generation Y Leads The Way In Future Housing Trends
According to a recent Builderonline.com article, the recession and dragging housing market have changed the long-held housing trends and tastes for the extended future.
The article talks in-depth about the “Housing in American” panel that participated in ULI’s fall conference in Washington, D.C. To no surprise, the panel focused on the two largest demographics, the boomers and Generation Y. While they are both vast in size, one could shape the landscape of the housing market for years to come.
The recession has been hard on everyone but as the article points out, Generation Y will probably have the strongest and longest influence in the housing market. It’s the largest demographic our country has ever seen. It has massive buying potential but most are economically strained right now. With a high unemployment rate and student loans, most of Generation Y isn’t saving for a house down payment and their baby boomer parents aren’t in the best position to help as they’re trying to recover savings and figure out a way to retire.
Most signs point to a renter’s market, at least for Generation Y. The challenge now is to place them in areas they desire. Studies show that this young generation cares more about walkable homes than square footage. There is a strong focus on work-life balance among Generation Y and a close proximity to work is high on their list of desires.
In addition to Generation Y, the article also goes into detail about baby boomer trends and the future of the McMansion. It’s a great read and I highly recommend you give it a look.