Issue link: http://southshoremagazine.uberflip.com/i/1540543
14 A GENERATIONAL SHIFT IN HOMEOWNERSHIP The housing market is in the middle of a major generational shift. Millennials and Gen Z are no longer just entering the housing market—they are redefining it. Their expectations, constraints and lifestyle choices are reshaping what "home" really means. For anyone buying or selling, this shift matters because it changes how homes are valued, marketed and sold. MILLENNIALS ENTER THE MARKET WITH PURPOSE Millennials, born between 1981 and 1996, represent the largest share of homebuyers today. Their road to homeownership has been anything but traditional. Burdened by student debt and stagnant wage growth, many postponed their first purchase. Now, as their buying power matures, they're entering the market with cautious determination. However, their version of homeownership diverges from the norm. In today's market, affordability plays a dominant role in decision-making, and the pandemic's lasting effects have reshaped how they view space and lifestyle. BEYOND PRICE: HOMES THAT FIT LIFE For Millennials, it's not just about what they can afford—it's about how a home fits their way of living. City condos have lost some appeal as many look for space in suburban or smaller-town settings. Remote and hybrid work have made extra rooms or home offices more important than ever. Outdoor space, flexible layouts, and homes that can adapt to life changes are high on the priority list. SUSTAINABILITY: A CORE PRIORITY Another defining trait of Millennial buyers is their strong commitment to sustainability. Raised amid growing environmental awareness, they are placing greater emphasis on energy-efficient features such as solar panels, EV chargers, upgraded HVAC systems and smart-home technologies. They aren't just interested in aesthetics—they want long-term cost savings and eco-friendly living. For sellers, showcasing eco-friendly features can make a property more attractive and even increase resale value. For buyers, these features often mean lower long-term costs and a healthier lifestyle. GEN Z: READY, TECH-SAVVY AND AMBITIOUS Meanwhile, Gen Z, those born between 1997 and 2012, are just stepping into the housing market. Despite formidable obstacles like high interest rates and limited inventory, this generation shows remarkable ambition and speed in pursuing homeownership. For Gen Z, buying a home represents not just a milestone but a safeguard against financial instability, especially in a rental market that continues to push affordability boundaries. How Millennials and Gen Z are Reshaping the Real Estate Market THE NEXT GENERATION OF HOMEOWNERSHIP: Written by Susan Babb, CRP / Director of Relocation & Corporate Services / Jack Conway