The New York Times did an Optimistic Opt Ed piece today that had me thinking of material I recently learned at RETSO and from Jason Ryan Dorsey the Gen Y Guy. The Times piece says that, "the fact is, despite all the problems, America’s future is exceedingly bright!"
There are multiple reasons for this "positive" outlook, including:
- In 2050, only 25% of the US population will be over 60. That's right, Gen Y loves the idea of large family - and unlike other nations, the expectation that this desire for large families along with continued immigration will add 100 million to our population. By comparision, in 2050 Japanese population is estimated to be 41% over the age of 60, and China is expected to be 31% over 60.
- “The Next Hundred Million: America in 2050,” über-geographer Joel Kotkinurban says that Gen Y's will flock to the next Sub-Urbanization... "downtowns will continue their modest (and perpetually overhyped) revival, but the real action will be out in the compact, self-sufficient suburban villages." Others expect this growth to be focused on cheaper Hub areas like Iowa, Boise, Fargo and the Sunbelt.
- A 2008 Rand Study shows that America is a top Competitor in the Scientific and Research Markets. "The U.S. now accounts for a third of the world’s research-and-development spending." We are creating the technology and appliances that are emotionally binding to the Gen Y's - just think Apple.
Okay - so 2050 is a few years off, what can we take from all of this that is useful for us N-O-W??
Well, Using the birth year range of 1977-1995, Gen Y consists of approximately 79.8 million people in the US. That's right at 80 MILLION people between the age of 33 and 14.
- Gen Y loves instant gratification (they have a job... they are ready to buy a house!).
- Gen Y is notorious for not being able to wait in line—(If they contact you - get back to them quickly!)
- Gen Y is known for having big expectations.
- Gen Y is tech dependent. If you don’t believe me, watch what happens when they lose their cell phone).
Here's what I take from all of this... learn all you can about Gen Y. THEY are going to be the ones that raise the next American Family, and will shift and shape the Home Buyer Process of the Future! The best news is... Gen Y's look up to their parents as their Heros, and they ask us ( the Boomers) for advice!!