In the past the baby boomers made custom builders’ sales really grow. By being born the world in such great numbers they grew into a ready-made market for custom housing. Their desire for an upscale lifestyle spawned entire product lines and businesses that simply didn’t exist during the World War II years. And the media never tires of chronicling the effect boomers continue to have on cultural and social trends. Even without all the sales, though, the mentality of those born in the United States between 1946 and 1964 was no secret to custom builders—the majority of them are in that generation themselves.
But this large, 78.3-million-strong generation wasn’t the only custom home market around. Generations X and Y are following close behind, and combined they number 124.6 million, over one and a half times the size of the baby boomers. In addition, immigration positively affected all segments of the housing market, including the high end. Before the economic housing turn down immigrants accounted for one-fifth of all new homeowners nationwide. Builders couldn’t ignore these powerful demographic groups.
The new markets today aren’t always obvious and are sometimes overlooked. Norm Hughes Homes in Dunwoody Georgia is a builder who addresses the needs of all our customers. We realize baby boomers are only part of the picture. Take Generation Y (born between 1980 and 1995), also known as the echo boomers. More than 65 million people from Generation Y exist, and, though the oldest are only 23 years old, their sheer numbers represent massive potential to purveyors of any luxury product. That’s what’s really exciting in terms of future demand for more custom built homes.
Generation X (born between 1965 and 1979) is a slightly smaller bunch, at 59.3 million. But with its oldest members turning 38 this year, segment has hit its peak home-buying years. Although there are fewer of them than in the past. It’s estimated that almost half of the people in Generation X have already bought their first homes. In todays market a lot are remodeling instead of moving up.
The economy over the past two years hasn’t been kind to either generation, but experts believe the technology sector, a major source of Generation-X and -Y jobs, will bounce back. While the prediction is that the tech recovery won’t happen until a year or two at the earliest, that’s still in plenty of time for younger home buyers to resume building their assets.
Naturally, Generations X and Y prioritize home features differently than the baby boomers do. Norm Hughes Homes is the premier builder who knows more than just basics about home technology options. The “Next Generation of American Homeowners” turned up overwhelming evidence that younger buyers crave high-speed home Internet access. A report by the “Pew Internet and American Life Project” also indicates the extent to which future home buyers are taking high-speed connections for granted. “Many consumers have learned to live in an environment where they expect to be in touch with others throughout the day, to never be far from Internet access”., says the study’s summary. High-speed Internet access already serves as a primary conduit for downloading music, keeping up with friends and family, and downloadable movie channels online are gaining in popularity as well. Technology and entertainment are elements of great importance to today’s families. We want to provide our customers with the latest in this technology in their custom home.