I am the proud father of 2 Gen Y sons. Fortunately for me, they both have a lot of friends. These friends are now beginning to think about career, marriage, working, renting or buying; not necessarily in that order! Gen Y is defined loosely as an individual between 19 and 36 years old; and not to be confused with their older siblings, Gen X (now pushing 40)..... This segment of the US population is enormous, and once combined with Gen X is actually larger than the Baby Boomer Generation.
I have been trying to stay current and on top of the Gen Y buying patterns as best as I can. I majored in Business and Marketing, and my entire career was spent analyzing buying behavior and consumer patterns. Real Estate is no different than purchasing a car, a pair of jeans, a suit, or a microwave. Each product has benefits and each are targeted to a certain type of consumer; for instance, look at certain neighborhoods.
Buckhead, the nightlife spot of Atlanta, has always been a drawing card for the young. Traditiionally to party and get a little crazy, but now seen as a more "Urban Magnet" for Gen Y jobs. Some Commercial Real Estate gurus believe Atlanta is second in future Gen Y Job creation only behind New York City.
The Atlanta Business Chronicle devoted an entire section of their February 10th edition to "Courting a Generation" which focused entirely on getting the real estate market right for Gen Y. Some very interesting statistics were published:
- More than 35% of the Gen Y households earn above $75,000.
- Gen Y represents $1.6 Trillion in earning power.
- Gen Y is influencing about 50% of all spending in the US.
- 51% of Gen Y prefer an Urban setting versus Suburban.
- 71% of Gen Y stated that they would take a smaller living place to be close to work.
- 49% of them said they would accept a "less than ideal" home to be closer to work.
When you add that all up, it says that the Buckhead and Midtown real estate markets of Atlanta are ripe for a strong decade ahead.
Having lived, worked and searched for Real Estate in Manhattan, I was always so excited about the "view"... NOT the Talk Show with Barbra Walters, but the view of the NYC skyline from all directions. New York City is a difficult real estate market view to beat; but I have seen Atlanta area views from several Buckhead Condos that are ever more breathtaking and tranquil. At least in a Buckhead Condo, you can see the sun!
Just as all the rest of real estate in Atlanta has gone through a re-pricing, so has the Buckhead Condo market. It is now a lot more affordable and attainable; even a recent College Grad can get a unit in this great mecca of Atlanta culture! I have already had the pleasure to assist several Gen Y clients find and purchase a Buckhead Condo. I love the look on their face as they stare out the window at a future just waiting for them!
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