The two largest demographics currently living are the Baby Boomers and the Millennials, and it’s not too often that marketing efforts are able to squarely hit both of these generations at once. Separated not only by years but also by technology and ideology, these two groups can often seem worlds apart. Surprisingly, when it comes to housing, they’re beginning to align more than one might think: it’s entirely possible for housing developments to appeal across generational lines.
That these two generations are dominating the market at the same time is not a surprise. While many millennials are entering the market as first-time homeowners, seniors are making a move in order to downsize. What’s interesting is how many similarities these two groups share when they’re looking for a new place to live.
- Right-sized housing is a priority. American homes have been growing ever larger over the past few decades, with new homes up from an average 1695 square feet in 1974 to nearly 2800 square feet in 2015. For a few years, though, that number has been dropping and in 2018 the average is down to somewhere between 2300 and 2500 square feet. The millennial generation is having fewer children than generations before, and embracing a minimalist viewpoint that values function over flash. Similarly, older Americans are downsizing, getting rid of accumulated stuff and choosing houses that fit their empty nest lifestyles.
- Walkability is important to home buyers of all ages. According to recent statistics, 62 percent of millennials prefer walkable neighborhoods, with short commutes and amenities close by. They’re not alone, however, in this desire for convenient places to walk. Today’s older generation wants to maintain an active lifestyle longer than has been the case in generations past. They want engaging neighborhoods where they can walk for their health and to reach businesses.
- Seniors and young people alike increasingly want to be near the city center. Like their children and grandchildren, many older Americans want to live in the heart of the city, where there’s plenty to do. They’re interested in interacting with others and want neighborhoods that are diverse and interesting.
- Renting is not only for the young. While we often think of apartments as places to live before buying the first home, the senior rental market has been on the upswing for many years. This corresponds with the desire to live downtown, where housing is often constrained by space. There’s an opportunity here for developers to create urban living spaces that appeal to a diverse range of people, with amenities for both older and younger people.
Whether your focus is residential or resort development, SagePoint has the knowledge and tools to keep you at the forefront of the industry, with the professional marketing, sales and advisory services you need to stay on top. When we’re part of your project from the very start, you can expect your property to be positioned, designed and built to target your market and maximize your returns. To learn more about our services, please contact us online or email us