Working With 20-Somthings

Many of us have studied the needs of seniors when buying or selling their homes, but how many of us have considered what may be the very different needs of the 20-something market?  It is true that the price of Real Estate in our area can make it a very difficult place for young people to make a start.  However, the cost of renting is no more affordable, and there a great number of professional jobs to be had.  So it makes sense, however difficult it may be, for many 20-somethings to purchase their fist home in our area.

According to the U.S. Census Bureau in 1993, fewer than 15% of people under 25 owned a home. In 2006, one in four people younger than 25 were homeowners.  What is different about the needs and wants of these young buyers?  They are often more concerned than older buyers with eco friendly features, floor plans that are good for entertaining, and ethnically diverse areas.  They are also very interested in living close to work and in an area with plenty of future job opportunities.  They also appreciate technology and look for homes that are wired for high speed internet, have areas for multiple computers, large screen televisions, and have been pre-wired for surround sound in entertainment areas.

A recent article on RISMedia.com offered the following list of what 20-somethings, or Generantion Y want in a home.

–Urban location
–Energy efficiency
–Simplification: 20-somethings often want smaller homes and lots.
–Low maintenance: They don’t want homes that need renovations.
–Convenience: A home with a single bathroom might be OK, but Gen Y-ers won’t go without a dishwasher and laundry facilities.
–High-tech: Homes that are wired for surround sound and include space for more than one computer appeal to younger buyers.