It's a question we ask ourselves every day. Maybe this is one of the answers. It certainly makes sense. Since I'm building my business with a long range frame of mind, I am thinking it would make sense to break Gen Y into four categories: (1) the 15-18 year old high school group, (2) the 19-22 year old college age group, (3) the post college age first time home buyer group, (4) and the post college age moving up to a larger home buyer group. I'll probably attack it from that perspective and try to capture prospects and plant a lot of seeds with the younger folks.
Here's the article, if anyone is interested. I found the last paragraph especially poignant.
Gen Y to Lead 'Massive Increase in Housing Demand'
Watch out for Generation Y: This large, diverse, well-educated generation will drive the housing market recovery over the next 10 years, according to economists with the University of Southern California Lusk Center for Real Estate.
Gen Y (15-32 year olds) boasts about 77.4 million members, which is about equal in size to the baby boomers (46-64 years old). Yet, Gen Y is much more diverse and educated (60 percent of Gen Y goes to college), according to the center, which recently presented its findings at the USC Lusk Center Orange County Executive Briefing.
Stan Ross, Lusk Center Chairman of the Board, says that “baby boomers and Gen Y comprise 50 percent of the population and will soon be part of the largest U.S. wealth transfer ever.”
As more of this age group joins the work force, “they will produce a massive increase in housing demand,” forecasts the USC’s Lusk Center.
However, Ross points out “these kids are concerned. They have watched the stock market, financial markets, and economy wipe out their parents’ retirement plans. As a result, they will choose lower-risk investment strategies.”
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