The new generation of professionals is here to break the status-quo. Who wants the white picket fence and the 1.9 children? They want financial stability, they want to invest, and they are willing to delay the old fashioned “American dream” until they have everything in place.
Generation ‘Y’ or Millennials as they are more commonly referred to, are these days focused on long term rent as well as purchasing their own property, searching for buildings that are truly microcities. They require all types of services, from pet spas to movie theatres and areas to receive their e-commerce products.
This demographic group is currently the largest within the United States, so it is also very fitting that they control a large portion of real estate. They are the generation that currently has the highest mortgage percentage, acquired the highest amount of homes and one of their characteristics is that they are quite frugal when it comes to money.
Millennials will only purchase a home if they consider themselves to be financially stable, which can sometimes be somewhat problematic due to student loans or other such debts. But this is not always an inconvenient, because this generation does not have issues with acquiring debt as long as it is a sensible one, as a unit as an investment might be. But in the meanwhile, and acting on their frugal nature, many decide to rent an affordable apartment with a roommate, until the time to purchase arrives.
But no doubt, what really separates Gen Y from previous generations is the fact that they were born into technology, having the knowledge and tools (such as computers, laptops, mobile devices and tablets) to research and find the best option for their personal financial situation. As well as all details such as cities, neighborhoods, amenities, commute and crime history, etc.
Generation ‘Y’ is setting the route for the future of real estate investments and it is our job to be by their side on voyage.