The Next Generation is Going to Demand a Different Type of Home

That group of individuals we see everywhere, inventing new apps for smartphones, writing that next novel at Starbucks or creating their own job without the same fears the past generations have had, are now in their early 30's and the next generation is going to demand a different type of home.

Welcome to the onslaught of about 90,000,000 people we call Generation Y!

This generation really has a large age range between 12 years old and early 30's.  They have learned well from their parents, having been tought the importance of longevity, respect for our natural resources, and they have been aware of the economic troubles that can occur during this last recession of over 5 years long.

But, what is interesting, as reported by USA Today, is that they are not as enamoured by huge homes and luxury.  They find more interest and firmly demand high technology and alternative space for work and living.  In fact, it is reported that home developers have recently studied what this new generation demands and how they should gear up for the different type of living spaces that will satisfy this gigantic segment coming into the market.  Pulte's January online survey of 521 adult renters ages 18-34 just released found that efficient use of space is an important feature to 84%. More than two-thirds want an open layout for entertaining. Most want ample storage, and 63% want outdoor space to extend living areas.  Better Homes and Gardens' online survey of 1,000 adults ages 18 to 35 finds that they are not keen on traditional floor plans or traditional rooms.

 They're a "fix-it" generation who would rather do home improvements themselves than ask parents for money. They want their homes to be as unique as they are and each room to represent aspects of their lives, from hobbies to gaming, the survey shows.  The survey shows they would rather have extra space in their kitchen for a TV than a second oven, and that tech features are more important than curb appeal. Almost two-thirds say they would not buy a house without up-to-date tech capabilities.

Generation Y's entry into the housing market has been stalled however due to the recession, but as things continue to improve over the coming months and years, they will be coming at us all with their demands and requirements for housing. 

They will soon be rising from the basements in their parents home, with well paying jobs, adequate down payment resources, and ready to purchase their first home.

Generation Y is reported to be larger than the Baby Boomer generation of that time and they understand the benefit of paying on a mortgage and equity building versus paying rent into "nowhere-land."

(some portions of the above were taken from a report put out by USA Today, authored by Haya El Nasser)

The Next Generation is Going to Demand a Different Type of Home