Generation Y has started its venture into the real estate market.
Described as ages 12-30, there are about 90 million Generation Y-ers, and they are starting to look for homes.
With unemployment hovering at 10% for this group, and student loan debt higher than ever before, Generation Y-ers are usually described as "delayed". They are delaying many of the more "adult" activities in their lives until they are financially stable: marriage, children, home buying, etc.
The good news is that this generation is now starting to come to an age where their debt is decreasing, and the market is becoming more appealing for them; they can buy a home without much of a down payment at this point.
What Do They Want?
So, now that they are in the market, what are they looking for?
Generation Y-ers are not looking for the same things their parents once wanted. Their parents looked for luxury, while this group is looking for something more technologically advanced. They are looking for homes in which they can work from home. They are looking for homes with ample and versatile space. They are looking for usable and tech-savvy spaces over extra ovens and unused living rooms. You could say they are looking for something that is practical in today's high-tech society.
A generation that has been known to rent in order to stay moveable - they are now looking to settle and finding owning is now cheaper than renting.
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