Generation X were the babies born between 1965 and about 1980, the Generation X group is much less concerned with formality and impressing others than previous generations. Instead, group members prefer living wherever, whenever and however they want. Generation X people are now between the ages or late 20’s and the mid to late 40’s
Just as the Baby Boomer generation has its characteristics, so does the “Generation X” first-time and move-up homebuyers. The Gen Xers are children of wealth, privilege, and instant gratification. Very few have been to war. Nevertheless, they are also the products of the highest divorce rate in history.
So whats different with generation X:
- Half of the Gen X group already owns their own homes, and although most don’t live alone, they are not necessarily married to the person with whom they share living space.
- This group can be a study in contradictions; admitting that they would sacrifice for home ownership by brown-bagging and eating out less frequently, but preferring plenty of restaurants nearby.
- Although they value family, they would much rather use a third or fourth bedroom for a home office than for more sleeping space.
- Formal living and dining rooms don’t make sense to Gen Xers.
- Highest on their list of priorities are abundant counter space in their kitchens, lots of storage and closet space, good energy efficiency (with passive solar designs), high-speed Web access, and a large yard.
When people of generation X go house hunting this group tend to look for things out of their price range and then settle for something less. Then a few years later attempt to upgrade again to a bigger or better house. This generation is a motivated consumer, experiencing homeownership at younger ages than even their Boomer parents did.
Gen X’ers likely buy homes earlier because they have a higher proportion of two-income households. Many of these homebuyers become homeowners shortly upon finishing their educations. Further research reveals that Gen X often get a jump-start from their better-heeled parents. So what we will be seeing is an influx of parental assisted housing purchases.
I have done a lot of reading regarding the Generation X people and when it comes to selling them something you’ve got to be straight with them. They are the most media-savvy generation in history. People of this age group do not like being sold!
Gen X is the first generation to regard use of computers as casually as the telephone or refrigerator, Gen X members use the Web for the flexibility it offers; the freedom from having to make appointments, as a way to avoid sitting through endless meetings in stuffy conference rooms, and for the ability to make better use of their limited free time.
As to housing preferences, they want that freedom as well. No room will go unused, but they will not permit homebuilders to pre-determine their needs.
I always say that Generation X is the generation that reads from the menu. What I mean by that is that I believe the people of this generation like to have choices. They like to have the choice to make sure that they are getting the best deal and that they are getting thing that suits them the best.
Now in terms of Real Estate I believe that the people from this generation like to look around for much longer than their parents for a home. Meaning that each person may be in the market looking for some time looking for that perfect house for a number of months. And when they sell Gen Xérs will most likely interview 2, 3 or even 4 agents before they make the decision as to who they will use. In short Gen Xérs are maximizes they want the most for their time, money and experience, as well as the space in their homes.
To sum up people of the generation X age are now the wave of new buyers and sellers in the market. Unlike their parents who are generally holding onto the top portion of the market this generation has the families and the larger homes. They are also having most of the new homes built sculpturing our contemporary style of homes. They want to use all the space the space they can. Having separate living areas is not of any use as this to a Gen Xér a waste of space. The typical house these people like is a 3 or 4 bedroom, open plan house with a double internal access garage.
Generation Y is again completely different. I will go into this more in the next post. But Generation Y is in my opinion the next big Real Estate Revolution to hit. New ways of marketing and new ways of looking at life. This is my generation so lets see what my research comes up with. Will be very interesting.