I found an article that was pretty interesting. It compared real estate trends among the different generations. Generation Y is men and women from 18 to 34 years of age—largely prefer downtown living, often in rental apartments with easy access to walkable neighborhoods and public transportation.
The Urban Land Institute, or ULI, the land-use association that long has championed dense development over sprawl, this week plans to release the results of a survey of generational housing preferences, highlighting those of Generation Y.
The survey found that Generation Y is more likely than older generations to live in apartments and in downtowns, with 54% favoring renting and 39% favoring city living.
Some real estate professionals apparently disagree with the surveys and state that Generation Y members rent out of necessity and not as a preference. I can see this point since most Generation Yers do not seem to work LOL. KIDDING!!! Increased costs of parking and maintaining vehicles, and greater access to public transportation help Gen Yers decide on urban environments, including both studios and condos. Many complexes also come with amenities Gen Yers enjoy including outdoor pool areas, gas grills, gyms, and social rooms. These properties also require much less maintenance than the average home.
The housing and mortgage crisis over the past five years may have scared some Gen Y members away from investing in real estate for the time being. They may have seen their parents lose fortunes in home equity and 401K funds. Perhaps, they are waiting it out to see if this is truly a real estate market rebound, or just a blip. Rising interest rates may force Gen Yers to reconsider as potential payments and rents head skyward.
Anyway, it all seemed pretty interesting to me..especially since I have never seen a study such as this. However, it seems that this type of information would be important for marketing purposes as it relates to an increasingly significant segment of the population.
Paddy Deighan J.D. Ph.D