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Gen Y buyers too demanding?

Posted by Scott Van Voorhis June 12, 2012 06:54 AM

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Every generation gets tarred with some sort of ridiculous label that often has little bearing on reality.

Boomers were supposedly self indulgent, Xers were ridiculed as slackers and now Gen Y finds itself cast as self-entitled brats who expect the world on a silver platter.

Heck, even the so-called Greatest Generation had their doubters before World War II came along.

Of course, this all plays out in the real estate market, where the wariness of younger buyers towards major financial commitments has been ridiculed on the comment board of this blog as some sort of sign of self entitlement.

But luckily we have james-in-cambridge to set things straight.

The number of homeowners in the crucial 25-34 age group has dropped over the past few years, the Globe reports, citing US Census figures.

Meanwhile, some younger buyers say they are questioning the wisdom of investing in a "starter home" if they won't be able to actually sell it a few years down the line as children come along and they need more space.

A regular on the comment board, James contends his generation is simply being "sensible" as it carefully navigates the real estate market amid a sour economy and tough real estate market.

Here's James:

Yep, our generation isn't as eager to buy a house as previous generations were. Clearly, there's something wrong with us. We must be too demanding, and expect special treatment.

Or maybe we're just sensible. Looking at the people (friends, coworkers, siblings, cousins, etc.) 5-10 years older than us, we've learned that homeownership isn't always the get-rich-quick scheme Realtors make it out to be, and that a "starter" house often isn't. Homeownership can be a major financial albatross. So yeah, we are more demanding. Previous generations would buy any house, in anticipation of cashing out of it in a few years. We realize that quick cashout isn't in the cards for us, so our generation is only willing to buy houses we actually want to live in.

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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