Six Living Generations as it Relates to Real Estate

By
Real Estate Agent with Front Gate Real Estate Broker 11085
https://activerain.com/droplet/5m4g

Gathered around the dinner table, my family started a lively discussion about the names of each generation. I'm a proud Baby Boomer, and my son is a Millenial (although he would argue he's a Gen X) and the kids around the table tried to decide where they fit in, whether it was Millenial (Gen Y), Gen Z, or Generation Alpha.

So, as I began studying for my SRES Designation (Seniors Real Estate Specialist), I was fascinated to review the dates of birth and characteristics of each generation, and how these groups relate to buying or selling real estate.


 

The GI Generation, also known as the Greatest Generation, were those born between 1901-1924. These were the teenagers during the Great Depression and they served during WWII. Their numbers are dwindling as this age group is over the age of 95. They now represent less than 1% of the US population.

The Silent Generation are those born between 1925-1945. They are cautious, prudent, don't question authority, hardworking, and prefer face-to-face interaction and good old fashioned handshakes. My mom fits perfectly in this category. Think of those raised during a time of war and economic depression. This group makes up 7.6% of the population.Family House in Field

Baby Boomers (1946-1964) include my childhood friends, classmates, my siblings (except Baby Sister) and me. We are independent, ambitious, hard working,  dislike rules, and represent 21.9% of the population. 

Gen X'ers (1965-1976) were the first latch-key kids (supposedly). By this time, both parents usually worked outside the home. Gen X'ers are self-reliant, independent, skeptical, and communicate primarily by email and text. This category represents 15.2% of the population.

Millenials, also known as Generation Y, are those born between 1977-1994, and represent 24.2% of the population. Millenials are now the largest in number of all the generations, surpassing Baby Boomers. Millenials are skilled multi-taskers, empathetic toward elders, sensitive to multi-culturalism, yet have a short attention span. 

Generation Z (1995-2010) are the 10-25 year olds who are tech savvy, impatient, introverted, and communicate via Snap Chat, Messenger, and other social media apps.They represent over 20% of the population.

Finally, Generation Alpha are those children born in or after 2011. They are independent, self-reliant, most likely an only child of older parents, and represent almost 10% of our population.


 

The over 50 population consists of the Silent Generation, Baby Boomers, as well as part of  Generation X. This group represents a significant percentage of the country's personal wealth and home equity. Not all Baby Boomers want to downsize, but may move two or three times while transitioning through life stages. Most elders prefer to keep their independence as long as possible and don't want to move in with their children. A very small percentage (less than 5%) move into nursing homes, while most seniors retain active lifestyles and independent living. There are options for all and not everyone fits into the same mold. 

People Generations Bar Graph

 

Also worthy to note is that Baby Boomers, Gen X'ers, and Millenials may be actively involved in the decision making process for their elders. I'm currently going through this scenario with a loved one and know many others who are reaching this stage. Skilled real estate practioners should communicate effectively with each client in the manner the client prefers. While the Silent Generation prefers face to face meetings and phone calls, Generation X and Y prefer text and/or email.

 

The modules for the Seniors Real Estate Specialist Designation (SRES) have been interesting as well as educational. If you have any questions or comments, feel free to contact me through the links provided or call 601-278-4513.

First Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Second Image courtesy of Sira Anamwong at FreeDigitalPhotos.net

 

 

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Barbara Todaro 01/24/2020 05:28 AM
  2. Brian England 01/24/2020 10:00 AM
  3. Roy Kelley 01/26/2020 01:00 AM
Topic:
Real Estate Sales and Marketing
Location:
Mississippi Rankin County Flowood
Groups:
The Art Of Marketing You
Diary of a Realtor
Bananatude
Inspiration Station
Old Farts Club
Tags:
baby boomer
seniors real estate specialist
senior marketing
silent generation
six living generations and real estate
over 50 marketing

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Rainmaker
3,098,683
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

My daughter was happy I was reading this that she was not a millineal. I didn't know whether to laugh or cry she was so aware. 

Jan 24, 2020 07:19 AM #13
Rainmaker
1,848,129
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Pat - glad to see your post FEATURED! I fit the Boomer generalization well, 

"We are independent, ambitious, hard working,  dislike rules"

Jan 24, 2020 07:29 AM #14
Rainmaker
2,052,344
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Pat Starnes-Front Gate Realty - understanding what happened when each generation grew up helps understand the mindset. As a fellow Boomer I don't like the R world many of my friends don't   I keep sorki

Jan 24, 2020 07:58 AM #15
Rainmaker
316,469
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

Good Morning.  A nice breakdown of our population each with different needs and different mindsets!  

Jan 24, 2020 08:12 AM #16
Ambassador
1,951,076
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

You got it Pat! And don't call us baby boomers "old."  We're not. :) 

Jan 24, 2020 08:47 AM #17
Rainmaker
2,513,898
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

All these defintions on the generations...phew!  

Jan 24, 2020 10:37 AM #18
Rainmaker
2,651,461
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I'm part of your mother's "Silent Generation."  I hadn't heard that label for it before.  However, the traits ring true.

Jan 24, 2020 12:59 PM #19
Rainmaker
2,651,461
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Pat, on having this blog FEATURED in the Old Farts Club group!  

Jan 24, 2020 01:00 PM #20
Ambassador
3,909,830
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Pat each age group is very different, especially the first two and last two.

Jan 24, 2020 01:33 PM #21
Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Nicely done, Pat. Like it or not, the generations are different. We've all been considered different by our parents. It's important to learn how they prefer to communicate. 

Jan 24, 2020 05:05 PM #22
Ambassador
4,125,141
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Hi Pat:

This was a great discussion and a reminder how important it is to keep in mind the differences in consumers we work with. Obviously there are exceptions and not everyone fits, but it's important to recognize the differences and adjust our style and behavior in our interactions, communication and use of technology.

Jeff

Jan 24, 2020 05:21 PM #23
Rainmaker
586,271
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Thank you all so much for your positive feedback. I've really enjoyed this course and have to squeeze in the reading between showings and other appointments.

Jan 24, 2020 06:27 PM #24
Rainmaker
586,271
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Myrl Jeffcoat I had never heard of the "Silent" Generation either. We know everyone doesn't have the same characteristics just because they were born in the same decade, but my mom fits the "cautious, unquestioning of authority" description fairly well. 

Jan 24, 2020 06:31 PM #25
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Oh my gosh, I love this post, Pat! Reading all of the different generations, I can totally relate someone in my life to each of them and you described them to a 't!' My mother-in-law is 75 and the silent generation definitely fits her - she has a lot of difficulty with her phone - she'd rather pay you a visit and see you face-to-face! LOL

I'm a late boomer and remember when I realized what generation I was in, I was horrified because I always felt like that was the 'older' generation!! Like you though, I fit the description and agree, "We are independent, ambitious, hard working..."

Jan 25, 2020 08:34 AM #26
Rainmaker
5,616,874
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is an excellent post to share,

I am part of the Silent Generation.

Jan 25, 2020 08:44 AM #27
Rainmaker
1,862,575
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I think there is a typo in the post ? Shouldn’t Millennials be 1977-1994 and Gen Z be 1995-2010 ??

Jan 26, 2020 05:31 AM #28
Rainmaker
1,316,336
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Pat Starnes-Front Gate Realty - Congrats on the feature! We need to know our audience and what is important to them. It is important to learn the traits of each generation so we can best serve their needs. 

Jan 26, 2020 07:52 AM #29
Rainmaker
1,414,834
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Pat,
Interesting breakdown and description of each group. It is important in real estate (or any sales business) to have a general understanding of the generational differences.  Thanks for sharing.

Jan 26, 2020 09:06 AM #30
Rainmaker
586,271
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Michael J. Perry YES, thank you for catching that typo. I went back to my notes and you're absolutely correct. I'll revise the post to reflect the correct dates.

Jan 26, 2020 11:42 AM #31
Rainmaker
586,271
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Debe Maxwell, CRS - it never bothered me to be a Baby Boomer. I always felt I was a "late boomer" and missed out on all the fun of the sixties aka Woodstock, hippies, etc. LOL If it makes you (me) feel better, our generation is also known as the Forever Young generation. Maybe that's because we refuse to grow up? I'll take it!

Jan 26, 2020 11:50 AM #32
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