Some Encouraging Words - A Look Ahead

By
Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

Gen Y Holds Keys?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. 

The Gen Y Guy says you should know this about these First Time Home Buyers:

  • 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!!

 

 

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. David O'Doherty 04/10/2010 12:50 PM
  2. Kathy Schowe 04/10/2010 01:08 PM
  3. Terry & Bonnie Westbrook 04/14/2010 02:03 AM
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Ambassador
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Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Thanks Eleanor for the good news!  We certainly need to hear more of it.  Love the recap of the generation stats.  Well done ~ tagged for a feature!

Apr 06, 2010 01:18 AM #1
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Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Eleanor,

We definitely have reason to be optimistic!  It made me chuckle to see the peace symbol from my own "Gen-Y" days in the sixties in your photo.  LOL

Mike in Tucson

Apr 06, 2010 02:19 AM #2
Rainmaker
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Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Eleanor- great info for a blog!  I never really thought about it.  Keep up the great work!

Apr 06, 2010 02:25 AM #3
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Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I wonder why everyone says the future will be bright, what is so wrong with the present and if it is not what you want then work toward changing it.

My parents always talked about how bad the present was and lived for  a brighter future, well time eventually ran out.

I have always live for the present, learned from the past and to hell with the future I don't plan on being here.

Apr 07, 2010 03:59 PM #4
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Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

Eleanor,  Brian Buffini has told us about the wave of people who will be living in our country, in the near future.  This Generation Y is a big deal.   The other factor is, there is only so much land!  Get out there and buy some it, while you can!

It's a Good Life, 

Fran

Apr 08, 2010 09:25 AM #5
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Kathy Schowe
California Lifestyle Realty - La Quinta, CA
La Quinta, California 760-333-8886

Wow--- Good to hear that Gen Y could be our next BOOMER!  Sounds good to me!  Thanks for the positive post!  Kathy

Apr 10, 2010 01:07 PM #6
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J Perrin Cornell
Coldwell Banker Cascade Real Estate - Wenatchee, WA
Broker, ABR, VAMRES

Good Lord...Im still trying to research Gen Q...

Apr 12, 2010 03:21 AM #7
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Glenn Roberts
Retired - Seattle, WA

Something Gen-Y will have to learn, patience is one imporant element in house buying.  Hunt all you want but shooting from the hip won't get you a trophy. And, don't make your choice from an iPad picture. You're gong to have to go to the house, be in the house and let the house speak to you beofr you know it's a good one.

Apr 14, 2010 02:46 AM #8
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Eleanor Thorne

Equity Resources 919-649-5058
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