Posted on 01/17/2011 9:21:45 AM PST by Gena Bukin
Here's what Generation Y doesn't want: formal living rooms, soaker bathtubs, dependence on a car.
In other words, they don't want their parents' homes.
Much of this week's National Association of Home Builders conference has dwelled on the housing needs of an aging baby boomer population. But their children actually represent an even larger demographic. An estimated 80 million people comprise the category known as "Gen Y," youth born roughly between 1980 and the early 2000s. The boomers, meanwhile, boast 76 million.
Gen Y housing preferences are the subject of at least two panels at this week's convention. A key finding: They want to walk everywhere. Surveys show that 13% carpool to work, while 7% walk, said Melina Duggal, a principal with Orlando-based real estate adviser RCLCO. A whopping 88% want to be in an urban setting, but since cities themselves can be so expensive, places with shopping, dining and transit such as Bethesda and Arlington in the Washington suburbs will do just fine.
"One-third are willing to pay for the ability to walk," Ms. Duggal said. "They don't want to be in a cookie-cutter type of development. ...The suburbs will need to evolve to be attractive to Gen Y."
Outdoor space is important-but please, just a place to put the grill and have some friends over. Lawn-mowing not desired.
(Excerpt) Read more at realestate.yahoo.com ...
The first guy who can redesign the existing Macs into duplexes might make money. Remembered the big mansions in Newark NJ where the rich who cannot find housing in NYC moved to during the 1880’s. By the late 1950’s the city became inner city black and poor. Many of these mansions became 4 unit rentals.
The 3000 sq ft home of today is more energy efficient than the 1500 sq ft home of the '50s.
Most planning departments would not allow that.
The only thing I have to say about this is that these Gen Y-ers must not live in the Loonyville of Tucson.
I live in westchester county, trust me, i get it. I’m 35 and if these idiots boomers think for a moment we are going to pay what amounts to ttax slavery just to keep this ponzi scheme they supported going, FORGET IT!
HELL NO! I would prefer fed, state, minicipal, city, county, bankruptcy compared to this slavery we hve now wth property taxes in most areas.
What percentage of the NY property tax goes to the state?
That's a sign that the current home-buying generation is filled with people who think they should have it all and live for today.
We’ve seen all of this before. It was called the Panic of 1893, and it flooded the market with huge Victorian homes that no single family wanted to pay to maintain any longer...so they were turned into 4-plexes for renters.
“I grew up in a Chicago bungalow, 1100 square feet”
Most boomers grew up in a house with one bathroom where we all shared bedrooms with our siblings. We also had a one car garage because we only had one car. We had linoleum on the kitchen floor and formica on the countertops. We had one TV and it was black & white. Eventually we got the Zenith 25” color TV in the genuine pecan wood cabinet that got 4 channels and had a clicker which only dad got to use.
We also had the stereo(am/fm radio and record player) in the cabinet that was 7’ long.
My parents never had a mortgage on the house they bought in 1968. They paid $25k in cash.
good question - actually, property taxes are used to fund local government. In my county, nearly all of property tax revenues go to pay Medicaid. The rest of the county budget is filled by sales tax, and aid from State and Federal Govt. And don't forget that all local Gov'ts in NY State are effected by State-wide mandates besides Medicaid, such as collective bargaining for Gov't unions, and Taylor and Wicks laws on any and all projects.
Of course, that's a natural thing to want.
A lot of what's passed off as conservative is just "things liberals don't like". Liberals like walkable communities therefore they must be bad according to some Freepers.
I say what could be more conservative than a close knit neighborhood with thriving businesses? We need to really shake that "liberals like = bad", mindset.
Somebody should take a look at the rich neighborhoods of Dallas, laods of kids, SUV in every driveway and YOUNG parents!! I doubt they are an anomoly.
HA...we have a formal dining room....I call it the MEETING ROOM....it gets used for POLitiCAL meetings and business meetings! Even has a white board sitting in it. Works great.
We have a “spa” tub, and I hate it...when we are old we will not be able to get into it...and now it doesn’t get much use. I’d like to turn the area into something else...if it faced south, I’d grow plants, but it faces north.
Its a nice article for examining assumption - Geb Y is not baby Boomer.
But at the same time - moronic oversimplificaiton.
You are correct. This is a time warp article - same article could have been released in 1990.
Many of them are probably in debt up to their eardrums and yep, that is not an anomaly.
Far too much.
Financially speaking, houses are no longer an investment for most, but an anchor, an albatrss, and a big ole fat BULLSEYE for the govt to target you with taxes, energy costs, etc.
Guess what? There is nothing you can do about it if there are no buyers.
This is exactly what my grown up children (in their 20s & 30s) say.
My spouse and I are Boomers, but we never bought into the whole suburban subdivision thing either.
Thank goodness we didn't, because McMansionvilles are destined to be the slums of the future. Already some towns are locating "section 8" so-called families in vacant, foreclosed McMansions.
So while some snarky comments above might be true --that Gen Yers will change their minds when they have children-- it still does not follow that they will suddenly find McMansions desirable.
No, the hottest real estate for Gen Yers, once they have children, will probably be where I live now:
They will want a moderately-sized older house on a moderately-sized lot (mine is 60' x 120') in a safe, "walkable," mixed use neighborhood that has parks and green spaces, and is not too far from Gen Yer's jobs.
The fact that public schools in these areas might not be "good" won't matter much to Gen Yers, because they will come to realize that NO public schools are good anymore. Including those that serve McMansionvilles.
Unlike Boomers --whose primary assumption in picking a location for their homes was that certain public schools, in certain areas, could provide a substantial boost to their childrens' success-- Gen Yers will assume that no matter where they live, the only decent choices for their children will be private schools (or homeschooling).
I don’t the hostility. What’s wrong with walking? It’s MORE self-reliant, as far as I can tell. And you’re not so dependent on Government roads.
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