Generation 'Y' Shifts Arizona Real Estate Trends in 2014
There is a major emerging trend in Arizona real estate and it is shifting the focus of new home builders statewide.
What is Generation Y? People born between 1979 and 1995. Ages 19 to 35.
And why are they setting the trends for future Arizona real estate? Because there are 72 million members of Generation Y-- almost matching the 73 million baby-boomers.
New home builders like KB homes and Ryland Homes are building new communities based on the preferences of this generation. Generation Y, partially through immigration is rapidly growing and will soon become the largest age group.
Gen Y's tastes are different than the older generations and they are generally more ethnically and racially diverse of all the generations and they stand out as the most multicultural, urban, and transient generation in the nation today.
It is not a coincidence that new home builders are developing new communities that are reflecting the primary preferences of Gen Y.
One major preference is for city living. Gen-Y, above all other generations are most likely to live in a medium-sized or large city, either now or want to within the next five years.
In Arizona, per capita, Chandler and Gilbert are also among the fastest growing cities in America, and the fastest growing in Arizona.
New communities like Fire Rock Ranch , Santa Maria and La Valenciana are just some examples of new home developers building with Generation Y 'in mind'.
In a recent survey, shopping and entertainment in the digital age asked how Gen-Yers see themselves.
39% said they were city people and over 60% now live in urban environments.
Here are Gen-Y's strongest preferences
Short distance to work and school (82%)
Comfortable walking areas (76%)
Close to shopping and entertainment (71%)
Convenient public transportation (57%)
And 60% of those who plan to move within five years, expect to move into a single family home.
The biggest question is will Gen-Y be able to afford the lifestyle they desire in the locations they want?
This depends on home builders building in emerging new cities that meet their strongest preferences, like Chandler and Gilbert AZ.
All one has to do is just drive around Gilbert or Chandler and almost on every corner of every major cross street you will see signs of new homes available or new home developments under construction. These home builders are responding to these emerging trends. Gen-Y is shifting the focus of future Arizona real estate.
Gen-Y as of right now, age between 19 and 35 and in this period of life it is very common to buy your first home. Where you want to buy your first home? In a growing city, that spacious and modern and that is most importantly affordable and close proximity to the comforts Gen-Y is used to.
I cannot think of any other places than Chandler and Gilbert that meet this criteria, especially in Arizona.
So what this means is that new home builders like KB Homes, Standard Pacific, Meritage, etc see the opportunity and are building new communities based on generation Y's preferences.
And Gen-Yers are responding by filling up these communities, either as their first home as couples, families or investments.
For a list of new home developments in Chandler AZ ~click here~
For a list of new home developments in Gilbert AZ ~click here~
Communities mentioned in this article:
Fire Rock Ranch - Chandler AZ - By KB Homes
Santa Maria - Chandler AZ - By Meritage Homes
Valenciana - Chandler AZ - By Ryland Homes
Sources of info:
ULI.org
No comments:
Post a Comment