Monday, January 17, 2011

The Chillaxing Generation Y Housing Requirements

What Today’s Younger Generation Requires for Living Space

By Mark J. Donovan

Based on reports from the housing convention held last week in Florida, the chillaxing Y generation says no thanks to mom and dad’s old school home styles and values out in the burbs. Instead, they prefer the large crash pad in the city where they can hang out, party and chillax with their friends.

The Y generation demographics consist of about 80 million American youths who were born in the 1980s and 1990s. Between the great recession and their affinity towards technology, social networking and gaming, their interest in tending a yard and managing a large home just isn’t there, at least not for now.

Consequently, with a population that is even greater in size than the baby boomer generation, they’re a large residential building market opportunity for the savvy builder and investor. The secret though to winning their hearts and business, is understanding their needs and producing something that they can afford. With their limited savings and income, simplicity and convenience are ultimately the key ingredients in their housing requirements.

So what are the living space requirements of today’s adult youth? In a nut shell, large open concept spaces where the technology and food court meld into one. The word “kitchen” just sounds too old school, and a futon in front of the entertainment center is sufficient enough for doubling as a bedroom. Off to one side of the main living area, a simple bathroom consisting of a toilet, sink and shower, period. Soaking tub not required, although a Jacuzzi off the back deck or patio maybe a nice bonus. Also, one large storage area for storing the skate board and bike is a must. That’s about it, and quite frankly all they’ll be able to afford, at least until the U.S. economy markedly improves and they desire to take on more responsibility.

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