With each passing generation, there emerges certain cultural
patterns and characteristics to groups born in the same era. Certainly, you've heard
the terms “baby boomers,” or “millennials” with regard to the financial crisis,
education, and technological advances, as well as other cultural and economic
phenomenon. What about real estate? See how the year you were born could dictate
how you think about housing and where you might go from here in terms of real
1925-1945: The Silent Generation a.k.a The Lucky Few. This
generation, comprised of 33 million adults, is currently 69 or older and are
95% retired. It describes people born during the Great Depression and WWII. This
generation was the first American generation to be smaller than the one before
them, and became the luckiest generation of Americans ever. They believe in hard
work with a waste-not, want-not mentality. They are averse to debt with a
strong belief in sticking to the rules and the importance of law and order.
After the war they enjoyed near full-time employment and improving schools for
This generation was the first to move to newly developing “suburbs”
during rapid expansion in the 1950s and 1960s. They believe strongly in the
American Dream and the ideal of homeownership. As a result, many in this
generation still live in homes they purchased many years ago and have likely appreciated
greatly. For example, a typical ranch style home built in an urban suburb would
have been about $20,000 in 1955. Today, that home would be about $500,000. This
generation is looking to downsize and move into lower maintenance homes,
possibly even condominiums. Are you looking to downsize? Check your home's value here.
1946-1964: Baby Boomers: This generation, comprised of 74.6
million adults, is currently 50-68 years old, and accounts for the “boom” of
babies born after WWII ended. This generation was the wealthiest, most active
and physically fit generation up until that time. They had abundant food, apparel,
retirement programs and “midlife crisis” products. They saw the Women’s Liberation Movement, the
Civil Rights Movement, the Rise of Rock and Roll, and other ground-breaking
This generation came from very stable households since their
parents were the Silent Generation. Their neighborhoods were often described
as idyllic and safe. The baby boomers had the benefit of the 1980s and 1990s
prosperity when they were in their working prime. As a result, they were able
to purchase homes much larger than the ones in any previous generation, often dubbed "McMansions." This group
suffered during the economic downturn of 2008, both in losing home value and
retirement savings. They have been the most reluctant to make a change, even
though the market has again shifted. This generation may also be looking to
downsize, or they may be looking for a home valuation to see if the market has
rebounded enough for them to sell.
1965-1979: Generation X: This generation, comprised of 50
million, is currently 35-49 years old. This group is highly educated, active,
balanced, happy and family-oriented. Generation Xers are more open and socially
diverse, and this was the first generation to experience the tech boom in their prime. The entrepreneurial spirit of this
generation is unprecedented and they make up the majority of the
During the economic downturn, this group had the most to
lose. As a result, they may have purchased at the height of the market at a
young age and are just now recouping their losses. Those on the younger side of this
generation may also be looking to upgrade for their expanding families. They
might be surprised for what their homes would sell for considering today’s
market. Not only are they are looking for homes in good school districts and
family-friendly areas, but are also looking for proximity to public
transportation, as well as nearby restaurants and shops.
1980-1999: Millennials: This generation is comprised of 78.3
million teenagers and young people aged 15-34 years old. Generally speaking,
this generation is the children of baby boomers and is strongly associated with
the use of technology at a very young age. They generally have higher debt and
student loans than any other generation, and though are very educated, have had
difficulty finding employment.
Many in this group are still living with their parents or
are paying a substantial amount of rent in primarily urban areas. This perfect
move for this group is to look for “starter homes.” This means a home that
would be perfect for a young couple or a single person, but with some room to
expand if needed. For example, a townhome, a condo, a
bungalow, or even a ranch could fit the bill for this generation. The most important thing is to get pre-approval before you start your home search so you know what you can afford.
As the market improves, this generation has a lot to gain in the real estate
world and will dictate where the market goes in the coming years.
No matter where you are along your real estate timeline, Team Troy is here to make it work for you. Whether that means downsizing, upgrading, looking for a first-time home, or needing a home valuation, we are a full-service Seattle area real estate firm, give us a call: 206-745-3457.
Author:Troy Anderson Phone: 206-940-2834 Dated: August 6th 2014 Views: 716 About Troy: ~Married with 2 children
~Turned grey prematurely
~Fetish for all things Apple
~Urban chicken far...
TEAM TROY, we are a bunch of fanatics that happen to be really good in the Seattle real estate business. Sure we could exploit systems, alter perceptions, and make more money for the sake of having more, but that’s boring – everyone does that. We’ve come to realize that work should be about increasing our standard of giving, not our standard of living. What keeps us going is our daily fear of dropping dead while doing something useless. We continually aim to be better agents, better neighbors, better partners, better parents, and better people with the singular goal of making folks like you better off than you were before you met us.
Discover our 9 point difference:
“Here at TeamTroy we have found that when we make our only goal, that of making others around us better off than they were before they met us, then everything else just falls in line. This simple mindset protects us from the status quo in real estate, and keeps us obsessed with results.”
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//WISE. Good judgement. Make important choices despite ambiguity. Always strategize.
//OPEN. No walls. Ensure everyone we meet has the same idea of who we are.
//IMPACT. Life is never about us. We strive to make a difference in at least one person’s life daily.
//CURIOUS. Hate the status quo. Learn something from everyone.
//CREATIVE. Challenge the traditional. Incessantly innovate around obstacles and design simplicity.
//BRAVE. Today is not just another day. Never be afraid to try what no one else will do.
//TENACIOUS. Never quit. As others drop back, we run faster.
//CANDID. Honest and blunt. Never alter perceptions but adjust the context.
//SELFLESS. Be salt. Make everything else taste better.
Frequently, when talking about any new real estate market, you go in b
"Troy and his team did a fantastic job throughout our listing and sales process. I would highly recommend him for anyone who truly expects and appreciates red carpet service for whatever your home sale circumstances may be. The moving truck he provides at move-out was truly a life saver. Thanks Team Troy."