Investment propertyGeneration X Powers New Home Design Trends
Riding the not-so-distant coattails of the Baby Boom generation are the members of Generation X, a home-buying force with which to be reckoned, according to demographic research.
Spawned somewhere between 1965 and the late 1970s, the Gen X"er group is much less concerned with formality and impressing others than previous generations. Instead, group members prefer living wherever, whenever and however they want, making homebuilders realize that new home designs must be more flexible than in the past.
What"s new and different? A study of almost 8,800 Gen X"ers done for Builder Magazine shows that:
* Half of the Gen X group already owns their own homes, and although most don"t live alone, they are not necessarily married to the person with whom they share living space.
* This group can be a study in contradictions; admitting that they would sacrifice for home ownership by brown-bagging and eating out less frequently, but preferring plenty of restaurants nearby.
* Although they value family, they would much rather use a third or fourth bedroom for a home office than for more sleeping space.
* Formal living and dining rooms don"t make sense to Gen Xers.
* Highest on their list of priorities are abundant counter space in their kitchens, lots of storage and closet space, good energy efficiency (with passive solar designs), high-speed Web access, and a large yard.
House hunters of the Gen X generation could well be regarded as motivated consumers, experiencing homeownership at younger ages than even their Boomer parents did, according to the annual "State of the Nation"s Housing" report published by Harvard University"s Joint Center for Housing Studies.
Gen X"ers likely buy homes earlier because they have a higher proportion of two-income households. In fact, many of these homebuyers become homeowners shortly upon finishing their educations. Further research reveals that Gen X often get a jump-start from their better-heeled parents, experiencing "wealth transfers" long before estates and inheritance taxes are a part of the discussion.
Bruce Tulgan, author of Winning the Talent Wars and president of Connecticut-based RainmakerThinking, a research firm that studies the work habits of Gen X"ers, says this is a generation that doesn"t want to be "sold."
"You"ve got to be straight with them. They are the most media-savvy generation in history, " he says.
Tulgan describes his group as a boundary-less bunch, who want to treat their home as their headquarters. They are fiercely independent and very serious about work, which is why home must also be career friendly.
"Gen X"ers are building on trends that were occurring just as they came into adulthood, " Tulgan explains, "at a time of some of the most profound changes in society, the economy, and culture since the Industrial Revolution. Baby Boomers may boast about "living through it" but Gen X"ers actually like it this way."
The first generation to regard use of computers as casually as the telephone or refrigerator, Gen X members use the Web for the flexibility it offers; the freedom from having to make appointments, as a way to avoid sitting through endless meetings in stuffy conference rooms, and for the ability to make better use of their limited free time.
As to housing preferences, they want that freedom as well. No room will go unused, but they will not permit homebuilders to pre-determine their needs.
"They are menu-driven, " said Tulgan. "That means that they prefer to be given choices from the general to the specific in everything, just like on a Web page"s drop-down menu. And if they truly think they need it, they will pay for it."
Referred to as "maximizers, " Tulgan points out that Gen Xers want the most for their time, money and experience, as well as the space in their homes. "If that means the trade-off between a dining room that may be used three times a year and that same space being used for a TV, VCR and treadmill, then so be it, " says Tulgan.
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