Boomers VS Millennials, the Big Myth about them, what is really going on in the Roseville Real Estate Market and how it will continue for years to come
Why do people continue to believe these two groups are so different?
Because, it makes good news headlines to point out differences between generations, and it is easy to ignore the similarities. It seems that when most news services and researchers talk about Baby Boomers and Millennials they typically come up with surface differences and usually fail to see how similar they really are.
Both groups want the same thing, the benefits of technology, low maintenance homes and freedom to travel with less responsibility at home. This puts them in a very similar place. What is really interesting is that both groups are competing more with each other in housing and have desires for smaller homes for different reasons, yet it still puts them in the same proverbial boat together. They both use Facebook, email, use smartphone apps and want the same type of housing. The main difference is they are just different ages. It makes sense doesn’t it?
MillennialsĀ
Lots of false things have been said about Millennials
It has been said that Millennials are more experience driven and are less interested in things like expensive cars, or big homes and would more likely rent. That is mainly because they grew up in a recession and they could not afford to purchase homes or expensive items, not because they did not want them! The money was just not in the economy, nor jobs available and many were forced to move back home with parents, rent an apartment, or a room. In addition add on thousands of dollars in student debt and look at the results. There is good news for them, the jobs are coming back albeit slowly!
As they start families they become more likely to purchase smaller homes because they want the stability of owning a home, instead of renting. They cannot afford to purchase big homes even if they wanted to, however, what is different about them compared to Generation X and the Boomers is because they came out of the recession at a younger age, they are not willing to put themselves into debt for a larger more expensive home, even if they can afford it.
Baby Boomers
While Boomers are now downsizing as the result of retirement planning and children leaving the nest, they want the same type of housing the Millennials want. It makes sense to reduce your expenses when you know you are going to retire in a few years. Why pay more for square footage that costs you more to take care of? They are looking at enjoying the golden years and housing is one of the biggest expenses. They want to reduce that payment so they can take more vacations and have more freedom.
Baby Boomers who had historically larger homes over the last 25 years have raised their families and their 2.5 children are now leaving those big homes at such a fast rate as they go off to college or enter the workforce, if they have not already. This puts pressure on what were once thought to be starter homes.
Over the next 5 years the Baby Boomers are retiring in record numbers and need smaller housing, while at the same time millennials are rapidly moving into the workplace and both are competing for the same type of housing, we should expect to see these smaller single family homes become more desirable and watch the medium family home decrease in desirability.
The bottom line is this, when it comes to housing both the grandparents and the younger generation want the same type of housing. If you are looking for a smaller starter home, expect the good quality homes in good areas to go quickly for years to come.
If you are looking to buy a home under 2,000 square feet story home, now is the time.
Take a look at what is available in the real estate section of our website for affordable Roseville homes for saleĀ here.
Or, call us with questions about the market at 916-284-3690
Boomers VS Millennials, the Big Myth about them, what is really going on in the Roseville Real Estate Market and how it will continue for years to come
Why do people continue to believe these two groups are so different?
Because, it makes good news headlines to point out differences between generations, and it is easy to ignore the similarities. It seems that when most news services and researchers talk about Baby Boomers and Millennials they typically come up with surface differences and usually fail to see how similar they really are.
Both groups want the same thing, the benefits of technology, low maintenance homes and freedom to travel with less responsibility at home. This puts them in a very similar place. What is really interesting is that both groups are competing more with each other in housing and have desires for smaller homes for different reasons, yet it still puts them in the same proverbial boat together. They both use Facebook, email, use smartphone apps and want the same type of housing. The main difference is they are just different ages. It makes sense doesn’t it?
MillennialsĀ
Lots of false things have been said about Millennials
It has been said that Millennials are more experience driven and are less interested in things like expensive cars, or big homes and would more likely rent. That is mainly because they grew up in a recession and they could not afford to purchase homes or expensive items, not because they did not want them! The money was just not in the economy, nor jobs available and many were forced to move back home with parents, rent an apartment, or a room. In addition add on thousands of dollars in student debt and look at the results. There is good news for them, the jobs are coming back albeit slowly!
As they start families they become more likely to purchase smaller homes because they want the stability of owning a home, instead of renting. They cannot afford to purchase big homes even if they wanted to, however, what is different about them compared to Generation X and the Boomers is because they came out of the recession at a younger age, they are not willing to put themselves into debt for a larger more expensive home, even if they can afford it.
Baby Boomers
While Boomers are now downsizing as the result of retirement planning and children leaving the nest, they want the same type of housing the Millennials want. It makes sense to reduce your expenses when you know you are going to retire in a few years. Why pay more for square footage that costs you more to take care of? They are looking at enjoying the golden years and housing is one of the biggest expenses. They want to reduce that payment so they can take more vacations and have more freedom.
Baby Boomers who had historically larger homes over the last 25 years have raised their families and their 2.5 children are now leaving those big homes at such a fast rate as they go off to college or enter the workforce, if they have not already. This puts pressure on what were once thought to be starter homes.
Over the next 5 years the Baby Boomers are retiring in record numbers and need smaller housing, while at the same time millennials are rapidly moving into the workplace and both are competing for the same type of housing, we should expect to see these smaller single family homes become more desirable and watch the medium family home decrease in desirability.
The bottom line is this, when it comes to housing both the grandparents and the younger generation want the same type of housing. If you are looking for a smaller starter home, expect the good quality homes in good areas to go quickly for years to come.
If you are looking to buy a home under 2,000 square feet story home, now is the time.
Take a look at what is available in the real estate section of our website for affordable Roseville homes for saleĀ here.
Or, call us with questions about the market at 916-284-3690
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