What are the Gen Y-ers buying?

Today’s First-Time Home Buyers are Gen Y-ers – so… what are their characteristics?

Gen Y or Generation Y are those born between 1977~1982 and 1995~2001 making them 12 to 36 years of age today. They are the children of Baby Boomers, and in some cases, grandchildren.

Having spent their formative years or young adult lives in an unstable and unreliable economy, they may seem to be less caring and more self-centered. But various studies have shown that, in fact, it is the opposite.

Gen Y-ers have strong social and environmental values and concerns, and are in search of more caring and compassionate relationships, as is evident in the demand for same-sex marriages and environmental responsibility. They are techno-savvy and research everything from neighborhoods and schools to home loans and insurance.

Having been through a depression, they want value for their money.

How does this translate into home-buying? In 2 words: Going Green.

1.      They want energy efficiency - straight and simple. In appliances, insulation, windows, and roof.

2.      They strive for a more eco-conscious lifestyle in terms of water usage and use of up-cycled goods.

3.      They will shop around a lot more for a home.

 

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