Knowing Demographic Trends Matters in the Real Estate Biz

Smaller is better when selling a home, now and in the foreseeable future. That’s because the preferences of aging Baby-Boomers and of the Millennial Generation (aka Generation Y) point in that direction.

Baby-Boomers need less room than when they were raising families. They want less to take care of in their homes and less expensive homes. Single-story homes are heavily preferred for aging joints and other medical issues that crop up with age.

Meanwhile, Millennials are looking for smaller homes (to keep costs down), flexible floor plans (no need for formal dining rooms), and sustainability. High-tech features are important to this group. They want smaller homes than their parents even though they are the generation most likely to have children living at home with them.

What I think of as the large-home building boom of a decade ago is over and builders of new homes are responding to this demographic shift. Even with smaller overall floor plans, it’s still hard to build a single-story home on some of the small lots being offered in Flagstaff, but builders try to get at least one bedroom on the first floor.

If you have a large home (over 2500 square feet), expect that you’re price per square foot is going to be lower than smaller homes you’re competing with. All that empty space isn’t popular anymore.

For more info on the Flagstaff real estate market, visit our website:

Some recent articles which inspired this post:

Growing Elderly Population Brings Growing Housing Concerns.

What Millennials Want in a Home – MarketWatch.

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