Page 27 - Green Builder Nov-Dec 2020 Issue

THE STATE OF

SUSTAINABLE

BUILDING 2021

Ready, Willing,

Waiting

Millennials want to buy
homes, baby boomers want
to downsize, and Gen Xers
just want a second chance.

ITH THE CORONAVIRUS increasing
the number of people wanting to
change their living situation by
W 2.1 million households, the three
principal generations—baby boomers, Generation
Xers and millennials—are out shopping for homes
(or at least they hope to). According to COGNITION
Smart Data research, each group has its own
preferences for its new residences.
Millennials: In full force. Millennials, who have
been renting and want to own a home, are the
most motivated homebuyers. These individuals are
looking for spaces to work from home, advanced
connected living and communication technology,
home gyms, and for young families, larger yards.
Boomer: Going small. Boomers who want to
downsize are the second-most motivated buyers.
They are looking for germ-resistant finishes,
touch-free fixtures, air and water filtration
systems, energy efficiency, and assisted living
CREDIT: TEMPURA ISTOCK technologies. They’re more interested in private
outdoor decks and patios than large yards that will
require maintenance.
Generation X: On the sideline. Gen Xers are
least likely to buy again in today’s market. They
are still feeling hangovers from the “just charge
And, a new generation of children arrived: boomer and Generation X groups combined) it!” Reaganomics years that led to poor spending
The millennials. has gone from young, self-centered and habits, followed by system shock from economic
Fast-forward to 2020. Those same genera- generally pessimistic, to mature and fam- downturns in the 1990s, and early and late-2000s.
tional forerunners are turning 36, and they ily minded. “It’s an age at which they are As a result, now-skeptical Gen Xers are delaying
and the rest of their millennial colleagues on their rst or second jobs,” notes Realtor. further home purchases and improvements. This
— anyone born from 1984 to 2002 — are com senior economist George Ratiu during is critical for building professionals given that, in
ready for prime time, as the nation’s key an interview with CNBC. “Many of them are 2019, Gen Xers made up 30 percent of the home
marketing targets. having kids, and with that their preferences improvement market, spending an average of
Housing industry, this is your cue. have shifted. We’re seeing that they obvi- $12,000 per household on remodeling projects
According to a study by Realtor.com, this ously are very much interested in buying and hiring professionals 85 percent of the time.
group of 72 million (more than the baby homes.”

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