Real Estate Forums

San Diego Real Estate · 11-10-2005, 05:45 AM

While the remodeling market has been propelled by baby boomers in recent years, the members of Generation X, born between 1965 and 1974, are changing the needs of the marketplace, according to "Understanding Generational Differences in Home Remodeling Behavior," a report recently released by Harvard University's Joint Center for Housing Studies. Now in their 30s, the members of Generation X have higher incomes, a greater number of late-forming households, more families with two incomes and fewer children per household when compared with baby boomers when they were the same age.

Though the baby boomers currently make up more than 50 percent of total home improvement spending, the members of Generation X spend more on renovation and remodeling than the baby boomers did at the same age. With higher incomes and smaller families, Generation X will likely have more purchasing power in the remodeling market. They may focus less on adding space to their homes and more on improving the aesthetics or adding luxury amenities.

More Info>

Las Vegas Homes · 11-10-2005, 01:30 PM

That is very true. I recently read an article that stated that the typical buyer, in general, is less concerned with space and more concerened with both amenities and views (terraces, balconies). It is odd to me personally that people would compromise size for view, but apparently they would! That really makes sense in regards to the different high rise booms around the country.

Las Vegas Real Estate · 11-10-2005, 01:40 PM

Yes, we are really starting to see the differences in generations now! It is incredible to think about how much more money gen X does have at this point in their lives! It is also apparent that they are willing to pay more...look at the price of homes anymore!

REMAX LV · 11-11-2005, 04:29 PM

I have also noticed that here in the Las Vegas high rise market, generation X has shown a large interest in high rises. They seem to want views, upgraded interiors, and AMENITIES of all sorts!

San Diego Homes & Condos · 11-22-2005, 12:42 AM

Very interesting but it does make sense the simple fact that more of generation x has both incomes compared to the past trend of the single income and who wants to have as many kids these days anyways who has the time with work and all.