Identifying
the housing needs of Generation Y
When considering future trends in housing,
builders need to take a long, hard look at demographics. The young adults of
today are the homeowners of tomorrow – or so we hope. Generation Y (which
ranges roughly from teens to 30-year-olds) has been analysed from here to
eternity; the group is usually described as eco-conscious, tech-savvy, urban, exceptionally
social and prone to postponing marriage and children. Given labels like these,
builders are left to consider what type of housing will appeal to this
generation. Let’s take them one by one:
Eco-conscious. It’s not
hard to believe that this generation is “greener” than those before: these kids
have been taught about saving the planet throughout their school years, and
have been recycling their entire lives. Many of them will be drawn to homes with green features – the
splashier, the better. Homes with green roofs and solar power, for instance,
will catch their eye.
Tech-savvy. Naturally, this generation will look for homes that are wired for
current and future technologies. To sell a home that’s truly “internet-ready”,
developers may consider purchasing package deals at a discount from the
provider, with fees to be bundled into condo fees. But where Gen Y’s
technomania will really come into play is in the way homes are marketed: through
social media, smartphone apps and whatever else is headed down the pipe. This
is beginning to happen, but soon it will be the norm.
Urban, Social and
Single. It’s true that many Gen Y (or echo boomers, as they’re
sometimes known) are drawn to bigger cities for school, work, the culture and
the nightlife. To satisfy their social needs, their ideal home might be
situated in a lively, walkable downtown area, close to cafes, restaurants,
trendy shops and dog parks. Condominiums are the most likely bet to meet all
these criteria; they can also function as meeting-places, if they’re outfitted
with rooftop patios, gyms and lounges. Condos are usually the most affordable
option for buyers with a single income; and buyers without children are
typically less likely to miss backyard space.
It’s also been well documented that many Gen Y-ers live at home with
their parents – never having left or having “boomeranged” after college or
university. (This fits with one of the other stereotypes about this group –
that they are emotionally close to their parents.) Some are wisely saving for a
downpayment on a home, but certainly not all. Gen Y-ers are just beginning their
career paths, and many of them don’t make a whole lot of money. Many rent their
own places and will continue to rent for a long time.
So, what’s the answer? As far as urban homes go, it might be a radical
downsizing of condos and apartments. “Pocket condos” have been around forever
in New York City, and are now showing up in many major cities. They can combine
location, thoughtful features and terrific common spaces at an affordable
price. The only question is whether Generation Y is willing to make the
trade-off: fewer possessions for a greater urban experience. Only time will
tell!
Visit www.bennettpros.com for all your real estate needs.
