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Generations X and Y are making a noticeable impact on the housing market. According to National Assoc. of Home Builders data, these consumers will be purchasing a majority of U.S. homes in the next two years. Not surprisingly, these potential homeowners know what they want and need, even if it means assuming debt. According to Senior Trends Analyst Charles Kennedy at DYG Inc., a social trends research and full-scale marketing operation based in Danbury, CT, Gen-Xers especially are confident that, no matter how bad the economy is, they will prosper and be able to pay their debts. “They have a greater willingness and optimism,” Kennedy said. “They have the hope to say things will get better, as well as a willingness to go into debt to furnish that hope.” (More of Kennedy’s research findings can be found in the Consumer Matters department in the October issue of Furniture Style.) So what do these consumers want in a home? According to NAHB research, Generations X and Y want a home that is 50 percent larger than their current living space. Also, 90 percent of Generation Y wants to own a single-family, detached home, instead of an apartment, townhouse or other dwelling. Both these groups will choose their homes carefully to reflect their personalities and styles. NAHB research reveals that characteristics topping these consumers’ must-have lists include a kitchen that serves as the hub of the home, a working home office, a livable patio area and a quality home entertainment center. |
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