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Generation Y: What Kinds of Real Estate Do They Really Want?. M. Leanne Lachman Lachman Associates April 11, 2013. Who is Gen Y?. Source: U.S. Census Bureau, 2010. Two Big Generations. Gen Y Descriptors. Techno-savvy Social Connected High Maintenance Outspoken Educated Multi-cultural. - PowerPoint PPT Presentation
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Generation Y:Generation Y:What Kinds of Real EstateWhat Kinds of Real Estate
Do They Really Want?Do They Really Want?
Generation Y:Generation Y:What Kinds of Real EstateWhat Kinds of Real Estate
Do They Really Want?Do They Really Want?
M. Leanne LachmanLachman Associates
April 11, 2013
Who is Gen Y?Who is Gen Y?
3.3% Silent Generation (84+)
9.7% Depression & War Babies (68-83)
24.6% Baby Boom (49-67)
17.2% Gen X (36-48)
25.0% Gen Y (18-35)
20.1% Gen Next (<18)
Source: U.S. Census Bureau, 2010
Two Big GenerationsTwo Big Generations
Gen Y Boomers
2010 Size 77.4 million 76.2 million
Birth Years 1978-1995 1946-1964
Age Now 18-35 49-67
Hispanic 21% 10%
Black 15% 12%
Asian/Other 10% 5%
Live to Work 16% 28%
Work to Live 85% 72%
Expect Never to Retire 10% 25%
Gen Y Descriptors Gen Y Descriptors
• Techno-savvy• Social• Connected• High Maintenance• Outspoken• Educated • Multi-cultural
“Emerging Adulthood”
• High Performance• Entitled• Civic-minded• Tattooed• Pampered• Optimistic• Underemployed• Entertainment-oriented
“When I was your age, I was an adult.”
Pew Survey ResultsPew Survey Results
• Optimism undiminished from 2004
• 91% expect to sustain preferred lifestyles
• Only 30% consider today’s job a career
• Historically high % enrolled in school
• 24% moved back with parents
Source: Pew Research Center, December 6-19, 2011 Survey
ULI’s Gen Y SurveysULI’s Gen Y SurveysNationally representative samples:
•n=1241 responses – housing
•n=1251 responses – retail
Focus on people over 18
• Finished high school
• Working, attending college or vocational school, parenting
• 45% are 18 – 25
• 27% are 26 – 30
• 28% are 31 – 35
Confidence level of + 3%
Distributed across U.S.
Current Gen Y HousingCurrent Gen Y Housing
Owners
Live withParents/Relatives
Student Housing
Renters
Other
37%
24%
32%
2%
5%
Source: ULI/Lachman Associates Survey, January 2013, n= 1251
Marital Status by AgeMarital Status by Age
Total Survey
Single 63.5%
Divorced/Widowed 2.0%
Married/Partnered 34.5%
100.0%
n=1251Source: ULI/Lachman Associates Survey, January 2013.
Gen Y’s Self CharacterizationGen Y’s Self Characterization
I consider myself:0% 10% 20% 30% 40% 50%
City Person
Suburbanite
Small Town/Rural Person
n=1251Source: ULI/Lachman Associates Survey, January 2013.
Gen Y Housing Tenure by Age - 2010Gen Y Housing Tenure by Age - 2010
*Living with relatives or in student housingn=1182
Source: ULI/Lachman Associates Survey, Summer 2010
Renters Owners Other*
18-24 yrs 38% 15% 47%
25-29 yrs 38% 44% 18%
30-32 yrs 36% 54% 10%
Total 38% 36% 26%
Gen Yers Turning 22Gen Yers Turning 22
Source: U.S. Census Bureau
Ava by Avalon BayAva by Avalon Bay
Gen Y’s PetsGen Y’s Pets
Pet Owners 71.5%
Dog(s) 53%
Cat(s) 35%
No Pets 28.5%
n=1251Source: ULI/Lachman Associates Survey, January 2013
Gen Y as ConsumersGen Y as Consumers
• 37% love to shop
• 48% enjoy shopping when it’s required
• Not accumulating possessions
• Research online; may buy in stores
• 61% view shopping as entertainment
• Sensory aspects important
Gen Y’s Online ShoppingGen Y’s Online Shopping
Electronics/Computer Equipment 44%
Women 34%
Men 54%
Gifts 43%
Personal Clothing 41%
Women 47%
Men 36%
Books 39%
CDs/DVDs 33%
Source: ULI/Lachman Associates Survey, January 2013
Gen Y’s Sharing EconomyGen Y’s Sharing Economy
“Access to stuff we want without having to own it”•Rented dresses (RentTheRunway.com)•Zipcars•Tools & electronics•Chefs & errand runners•Toys (BabyPlays.com)•Modern art
“Owning less offers more”
Gen Y HotelsGen Y Hotels
• Aloft• Indigo• Hyatt Place• Gen 4• New York’s Standard & Ace Hotels• Motel One• Yotel
Gen Y as Office UsersGen Y as Office Users
• <100 sq ft/person
• No private offices
• Counters replace desks
• Creative interaction/fun spaces
• Work from home/car/Starbucks
• Green is preferable
• Incubator/temporary spaces in demand
Zynga HeadquartersZynga Headquarters
Zynga InteriorsZynga Interiors
Gen Y as Office UsersGen Y as Office Users
• <100 sq ft/person
• No private offices
• Counters replace desks
• Creative interaction/fun spaces
• Work from home/car/Starbucks
• Green is preferable
• Incubator/temporary spaces in demand
Why We Call Them Gen YWhy We Call Them Gen Y
• Y should I leave home and find my own place?
• Y should I get a car when I can borrow yours?
• Y should I get a roommate?• Y shouldn’t I have a dog?• Y shouldn’t I treat myself well?• Y should I stop traveling?
Generation Y:Generation Y:What Kinds of Real EstateWhat Kinds of Real Estate
Do They Really Want?Do They Really Want?
Generation Y:Generation Y:What Kinds of Real EstateWhat Kinds of Real Estate
Do They Really Want?Do They Really Want?
M. Leanne LachmanLachman Associates
April 11, 2013