What will Echo Boomers learn from Baby Boomers? While the terminology of Baby Boomers seems to have an identity I'm familiar with, the term Echo Boomers is something I've recently started to think about, especially since I produced a few of them myself.
What is an Echo Boomer? A child of a Baby Boomer, and the Echo Boomers are watching their parents! What will they be learning and doing for their future? What will we (a Baby Boomer myself) teach them about home ownership?
- That you can make a lot of money, tax free, when you sell your home if you bought low and sell high.
- That you can lose a lot of money, tax free, when you sell your home if you bought high and sell low.
- That the idea of home ownership is a term used very loosely, especially if the bank owns your home and you just rent it from the bank.
First time home buyers are looking for a "long term" home more so now, than in the recent past. Since there is no guarantee that the home you purchase today will increase in value in the next 10 years, at the rate it did in the late 1990"s and early 2000's, there is more caution and care in neighborhood location.
In Billings Montana, home buyers are looking to find the best home they can afford. They drive neighborhoods, in all price ranges, looking to see how people maintain their homes, is the neighborhood declining or improving? Would this neighborhood be a good place to live and raise a family?
Is home ownership a good investment? Yes, but maybe more of an investment in the security and comfort one achieves with actually paying down a mortgage. My own kids have seen their parents working to be mortgage free! It isn't easy, it requires sacrifice (maybe the newest and best phone and tv aren't as much of a priority).
Echo Boomers make up the bulk of first time home buyers, and they'll be a larger group by demographics, than their Baby Boomer parents. The choices for home ownership the Echo group makes, will dictate many of the stats of the future: home price, size, bedrooms, baths, location and energy usage.
Are you listening?
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