Gen Y: Emerging Trends Of Young Homebuyers
Generation Y, the children of the baby boomers, are increasingly in better positions to buy homes! As we recover from recession this is increasingly financially possible. The desires and needs of Gen Y are different from older buyers. Gen Y may relate to these key elements that younger homebuyers look for:
Technology – The generation now buying homes is the generation that grew up on smartphones. Gen Y is used to technology integrating seamlessly with their lives, and look for a home that does so as well.
Energy efficiency – More aware of climate change and limited water supply than their forerunners, young homebuyers desire energy efficiency, both out of social consciousness as well as financial responsibility.
Casual living spaces – Gen Y is less concerned with a formal dining room than with spaces to gather and entertain. Outdoor spaces, like a large porch, offer a multi-use space.
Usable space – As much as young homebuyers want living space, they want usable living spaces. For example, a large number of surveys specifically reported desires for a laundry room, not excessive “luxury rooms” like pet washing stations. Many young people are forgoing the formal dining room in favor of multi-use spaces.
Quality of neighborhood – Around half of young homebuyers want to buy a home in the suburbs, while nearly a quarter desire a more urban location. Nevertheless, both desire a neighborhood that offers quality and reflect the increasing demand for both urban and suburban benefits. Price Waterhouse Cooper’s annual Emerging Trends in Real Estate Report notes “the critical descriptors seem to be suburbs that are close-in, transit-oriented, and mixed-use.”
Affordability – While price and value are obvious concerns for everyone, the average student loan debt is around $30,000, making for hefty monthly payments that cut into housing funds. Today’s home buyers must be conscious of this financial burden as they calculate the amount of house they can afford.
Stylistic trends in housing can come and go quickly and at The Showtime Group, we know it is more important to understand these generational trends that are important to the decisions of our clients. By understanding the lifestyle and values that our buyers subscribe to, The Showtime Group Agents can better serve our clients in the long run. Thinking about buying a home? Contact The Showtime Group at Keller Williams today.