The Wall Street Journal recently ran a fascinating article about what the next generation of homeowners – Generation Y – expects from real estate.
Though many millennials who graduated from college just in time for the collapse of the economy as we knew it still consider home-ownership a far-away (or perhaps long-gone) aspiration, a time will come when their preferences dominate the market. After all, they outnumber their baby-boomer parents by about 4 million.
According to the Journal, the home-buyers of tomorrow have different priorities when it comes to real estate – at least for now. They want space to socialize, they want low-maintenance, and they want flexibility. No formal dining-rooms, manicured lawns, or elaborate bathrooms for these guys.
Most importantly, they don’t want to depend on their cars. While not everyone will be able to afford real city living, most Millennials will settle for anywhere that’s equipped with walkable shopping, jobs, and entertainment.
As a millennial, I’d say that these assessments ring true – but it’ll be interesting to see how/if the generation’s priorities change as we get closer to “putting down roots”.