A New Generation of Home Buyers

Posted by Steph Kaye on Friday, April 19th, 2013 at 1:44pm.

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.

Why Now?

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.

Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Royal Oak, MI short sales, foreclosures and working with home buyers and sellers with Macomb County Luxury homes. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.


3 Responses to "A New Generation of Home Buyers"

Michigan Real Estate Market wrote: [...][...]

Posted on Wednesday, June 19th, 2013 at 12:07pm.

Selling a Home in Michigan: Young Americans Looking to Buy wrote: [...][...]

Posted on Friday, June 28th, 2013 at 1:44pm.

Selling a Home in 2013 wrote: [...][...]

Posted on Thursday, July 11th, 2013 at 10:43pm.

Leave a Comment