Gen Y, which will be 30 percent of homeowners by 2015, are forcing home builders to look differently at what they design, build, and sell.

The genreation born between 1976 and 1982 wants high-tech convenience and communication, walkability, green building standards, and diversity. They’ll sacrifice space, and some will even pay more, to incorporate those qualities into their lives, real estate experts told an audience at a recent forum on developing real estate for Gen Y, sponsored by the Urban Land Institute.

“In-town areas and inner suburbs will really remain on an upward trajectory” when the housing market turns around, said Sarah Kirsch, senior principal at research firm Robert Charles Lesser, who conducted a study on Gen Y attitudes about real estate.

Gen Y’s favorite neighborhood amenity is a library, followed by a restaurant or cafe, a main street village, a recycling center, and a fitness center, the Robert Charles Lesser study concluded.

Source: The Atlanta Journal-Constitution, Kevin Duffy (10/08/2008)

Comments are closed.