Six Living Generations as it Relates to Real Estate

Reblogger Brian England
Real Estate Agent with Arizona Focus Realty SA634540000

This is a wonderful post from Pat Starnes-Front Gate Realty and I didn't know that I was a Gen-Xer until reading this, haha.

Original content by Pat Starnes-Front Gate Realty Broker 11085

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 1977-1984, 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) has 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

 

 

Written and Published by Pat Starnes REALTOR

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Pat specializes in Residential and New Home Sales 

Primary Service Area:

Brandon, Pearl, Ridgeland, Flowood, Madison and the Ross Barnett Reservoir area

 Pat Starnes, Broker Associate

Front Gate Real Estate, 6700 Old Canton Rd., Suite C

Ridgeland, MS 39157

601-991-2900 - Office

601-278-4513 - Cell

 

Recent Blog Posts by Pat Starnes:

 

Greenfield Station in Brandon MS Continues to Grow

Six Easy Tips to Save Money on Your Home Inspection

Should You Consult a Realtor When Buying New Construction?

Homes for Sale in Scottish Hills ~ Brandon MS 39047

Homes for Sale in Hidden Hills Subdivision, Brandon, MS 39047

Homes for Sale in Castlewoods Subdivision, Brandon, MS 39047

Gardens of Manship Neighborhood Information - Brandon, MS 39047

 

Are you looking to buy or sell a home in the Brandon MS market? Call me!

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Rainmaker
3,309,040
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Brian England and thanks for sharing this blog with us in the Rain.  

Jan 24, 2020 10:19 AM #1
Rainmaker
2,540,516
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Brian, never heard of the Z or Alpha Generations.

Jan 24, 2020 12:33 PM #2
Rainmaker
1,316,358
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Brian England - I have actually taken some classes on how to deal with the different generations.  But I didn't know about Gen Alpha. My grandson fits right in. I also think those years blur a little.  For example, a GenXer might be on the cusp of a Millenial and it depends on factors such as upbringing and who they "hang" with. 

Jan 24, 2020 06:19 PM #3
Rainmaker
586,271
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Thanks so much for sharing this, Brian. Since Gen X-ers are the original latch-key kids, I asked you on my post if YOU were a latch-key kid? As a Baby Boomer, my mom stayed home until my younger sister entered high school; then she joined the work force.  I've loved reading the SRES material. It's so informative!

Jan 24, 2020 06:48 PM #4
Rainmaker
3,063,687
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Brian.

So I fall into the baby boomer category.  That explains a lot.  Make it a great Saturday

Jan 25, 2020 01:50 AM #5
Rainmaker
4,230,982
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Brian, great choice for a reblog, and Pat did a great job in describing the different generations.

Jan 25, 2020 08:07 AM #6
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, what a great post to share, Brian! I'm so glad you did - love Pat's posts too!

Jan 25, 2020 08:27 AM #7
Rainmaker
5,617,507
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Brian, for sharing this excellent reblog selection.

I am in the Silent Generation.

Jan 25, 2020 08:40 AM #8
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Brian England

MBA, GRI, REALTOR® Real Estate in East Valley AZ
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