It is well known that investing in a San Diego condo can be a great way for a first time home buyer to enter into the housing market. As the economy improves over the next several years…there is a new pool of Generation Y buyers that could be entering into the housing market. Born between 1980 and 1995, Generation Y buyers are starting to come into their most productive “income producing” years. Generation Y buyers have lived thru one of the most challenging national economies and housing markets. They will face challenges in buying that include tight credit and lending criteria, high debt loads from student loans, and a tough job market. However…even with all of this said, most studies and statistics (similar to the graph above) indicate that Generation Y Buyers see a housing as a good investment. Eventually, Gen Y buyer could make up as much as 31% of the total buying pool. The needs and desires of Gen Y buyers can no longer be overlooked by real estate professionals and builders.
Generation Y buyers have a different approach to finding a home. Values, ideas of success, and the vision of “the American dream” differ generation to generation. Younger Generation Y buyers are not as interested in the big suburban property filled with “stuff”. They are looking for access to a certain lifestyle and flexibility in transportation. Long commutes are dreaded, and a large percentage of Generation Y buyers may even work from home or shared office space. San Diego condos work well for Generation Y buyers for several reasons: Price point, location, lifestyle, and flexibility. In an article from MSN Real Estate entitled “Dream Homes Vary By Generation”, author Christopher Solomon identifies some of the differences in preference between Baby Boomers, Gen X, and Gen Y home buyers. ')}