The Impact of Gen Y on Real Estate

ULI presented The Impact of Gen Y on Real Estate last week.  Here are some fun facts about this new generation of real estate buyers.

• Generation Y is 80 million strong
• The American Idol generation
• Connected through technology (they have always had the Internet)
• Currently age 29 and under
• Start graduating from college in record numbers in 2009
• Seek work-life balance
• Civic minded
• Socially and environmentally responsible

How do these trends impact the Atlanta real estate market? Interestingly, Atlanta is the most preferred area in the South by Gen Y.  These young buyers want to be intown and close to work. They will buy a smaller lot with a smaller home to be close to work.  However, they expect homes to be well amenitized.  Smaller does not equate to cheap finishes. They are well educated on finer finishes and expect to have these in their homes.

Only 50-percent of Gen Ys say that they would seek a single family home.  Many of them prefer condos and seek “urban light” surroundings.