Demographics seem to be driving housing choices more than ever these days. And Generation Y, and Generation X, and Baby boomers have all kinds of ideas about what their dream home should be. Here are some interesting statistics.
Each demographic group has different forces shaping their decisions to buy.
They seem to be the most active. They are in the age range of roughly 35 to 45 years having been born from the mid 60’s to the mid 80’s. They are “fast pacers” with dual incomes and young kids. They are usually looking for larger and more efficient homes. Gen Xers often live in suburbs and most believe they account for the largest number of recent home purchases. They are typically attracted to homes with large yards for their kids. They seem to prefer quality to quantity. If you ask them they will typically tell you that they intend to live in their homes for the next 20+ years.
Gen Yers seem to be the group with the greatest pent up demand for homes but also seem to hold back from entering the market. They are young and tech savvy. You will hear them referred to as “Millennials”. Gen Yers were typically born between the 80s and 20s. They seem to want flexibility in their housing choices and it makes them good rental prospects. Some of the factors they take into consideration when making a housing decision are – Price; Close to cities and restaurants and entertainment etc., and style. State of the art electronics seem to be more important than curb appeal etc. So it does not seem like they are trying to make a statement. It almost seems like they are going through a delayed adolescence.
Their seem to be a number of Baby Boomers (Baby Boomers were typically born from the mid 40’s to the mid 60’s) who are rethinking urban lifestyles. They are leaning toward replacing their suburban homes for town homes or condos, thus accommodating their aging lifestyles.
Unlike the millennials, Baby Boomers seem to be much more traditional – they want formal dining rooms and formal living rooms.
As one Baby Boomer said “We really like everything on one level, and we like the fact that our association offers so many different kinds of activities. And it gives us a chance to make new friends in our same age range”.