What home spaces tick off the boxes of today’s Gen-Xers and Millennials? Driven by their vastly differing life stages and mentalities, real estate trends point to each generational segment defining the ‘perfect home’ in different ways, and in different places…
Hot Markets for Generation X
– The Mentality: Born from 1965 to 1980, Gen-X, most of whom were scorched by the Great Recession, flock mainly to the nation’s most affordable, family-friendly areas.
– Likes: Gen-X prefers warmer weather and business-friendly states, making Texas a heavy favorite.
– Housing Snapshot: A 2,400 square foot, 4-bedroom, 2+ bath, suburban home.
– Top Cities: Houston comes out on top, alongside Dallas (third), Austin (sixth), Odessa (seventh), and San Antonio (eighth). Other heavy favorites include Miami (second), Washington D.C. (fourth), Riverside, CA (fifth), Atlanta (ninth), and Charlotte, NC (tenth).
Hot Markets for Millennials
– The Mentality: Born from 1981 to 1998, real estate trends immediately distinguish the far different mentality of Millennials, who are lifestyle and career oriented.
– Likes: Millennials seek out tech centers and cultural hot spots, where they can get the largest paychecks – and let’s not forget having a good time. Millennials aren’t phased in the slightest by high home prices (what’s a little more debt on top of those mammoth student loans?), and are drawn to the nation’s biggest, most buzz-worthy cities. Instagram-worthy night life, bars and dining experiences are a big plus for bragging to (and luring) friends back home.
– Housing Snapshot: No cookie cutter, but beyond that, anything goes (traditional, condo, mixed-use, or creative rezoning), with proximity to the above, smart home technology, energy efficiency, and a low maintenance home/yard a big plus.
– Top Cities: San Francisco (numero uno), followed by Seattle, Houston, Dallas, Washington D.C., Denver, Boston, Ann Arbor, MI, State College, PA, and Austin.
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