11 Mar What Does Generation Y Want in Their Next Home?

So what’s one of the top desires Generation Y homebuyers have for their next home? You can probably guess it, walkability.

This truth was recently reinforced at a NAHB conference in Orlando. Not only does Generation Y want to be able to walk to restaurants and retail locations, but they also would like to walk to work if at all possible.

What else do they want? Pretty much the opposite of the once Baby Boomer desired McMansion in the suburbs. This includes smaller rooms, tighter floor plans, no bathtubs, and smaller green spaces.

One thing that researchers are finding is that Gen Y wants an amenity-rich living experience. This includes pools, fitness centers, and party rooms for social gatherings. Such amenities are often found in urban apartment buildings, which may explain the recent burst in that market.

An interesting aspect to all of this is that some Boomers are starting to adopt the mindsets of Generation Y. Downgrading is becoming a popular theme in real estate right now. Maybe it’s because people cannot afford what they once could. It might also be that the recession has changed the way Americans view home ownership.

Where are you in that spectrum? What do you or your clients value in a home – a large, spacious suburban setting or a building showered with amenities and the convenience of Intown living? Why? Share your thoughts below, or tell us on Facebook or Twitter!