Generation Y, or the Boomer Babies, were born during the 1980s and into the 1990s. They are often described by previous generations as technology-dependent, attention-craving, underachievers. It is also thought by some that Gen-Y should help fix our economy by purchasing houses to help America out of its crisis. Maybe that’s just not possible… at least right now.
It has been instilled in many of us that a house is a necessary investment. Typical life steps are generally thought of as follows: go to college, get a job that will last you until retirement, get married, buy a home and start a family. In the ‘80s, you could purchase a house and support a family on an annual income of $48,000-50,000. Now these next generations need to earn upwards of $142,000 to meet that same goal. According to the Project on Student Debt, the average student owes $21,000 right out of college. The unemployment rate for Gen-Y is 30 percent – that’s more than three times the national average. The “American Dream” just isn’t what it used to be.
That’s not to say Gen-Y will be renters forever, they just have different concerns when looking for places to live. The suburbs are a thing of the past. Commuting is something your parents did. Gen-Y is looking for affordable homes that are eco-friendly and convenient. Buying a home is now more of a lifestyle choice than a necessity.
Gen-Y is the largest demographic America has seen, even bigger than the Baby Boomers. They are capable of getting America out of the housing crisis and they very well might…but they’re picky. Eco-friendly, technologically advanced houses are no longer a thing of the future.
