St. Louis Urban Land Institute provides overview on real estate trends.
A key resource in divining just what moves the St. Louis real estate market is the Urban Land Institute (ULI), a forum for ideas and solutions and trends to “creating better places.”
One of their major confabs last December included their Emerging Trends Outlook for 2014, an in-depth look at the Y Generation: what drives them, and what kind of real estate they’re really looking for.
So, if you just happen to be in that Gen Y category (18 – 35), then you might be one of the 37% who are currently renting; or, part of the 32% who own your own home.
You may very well consider yourself to be a ‘city person’ (39%), or a ‘suburbanite’ (28%) with ‘small town/rural person’ registering at 32%. Furthermore, 34.5 % are married and 63.5% single.
Overall, according to the Emerging Trend presentation, this techno-savvy group of buyer are civic-minded, optimistic and educated, to list just a few descriptors. Moreover, this group is a contributor to the economy in representing about 40 percent of the United States economy.
As such, they are more likely to be looking for that entry-level (price) home as a first-time buyer:
“Gen Y buyers are value and quality driven and are typically more concerned with price per square foot than total square footage. In other words, unlike their parents, large homes with unused formal rooms and leisure areas are costly and unnecessary to this budget-minded homebuyer.” The Real Estate Professional
Whether your X or Y, or otherwise, be sure to contact us when you’re searching your favorite neighborhoods, be it Benton Park, Compton Heights, Carondelet or maybe Holly Hills.
We pride ourselves on offering a one-on-one experience, ever mindful of the importance of technology—emails, texts, charts, in-depth website and a personable staff.