Article by Wendy Mccance
Yesterday I went to a class that I was required to take as a new Real Estate Agent. I had just signed up to be a member of the National Realtors Association a month ago and this was the orientation class.
The class was completely filled up and there were three other people I knew from the office who were also in the orientation class with me. In the class we discussed ethics and navigation of some different websites. The class was long and rather dull, until the teacher started discussing the difference buying habits of different generations of people.
What she mentioned was not only interesting, but so relatable, I thought I would share it with you.
Different Generations:
People in their 60′s: These are the people who grew up learning how to cut coupons, sew clothing and in general pinch pennies. You can expect to see a drawer of saved bread bags, used cool whip containers for storing food and a freezer packed with meals that are labelled and ready to cook for a meal. Homes were comfortable with the emphasis on having a dining room, the untouchable living room for company only, and the family room.
People in their 50′s: These are the people who had to buy and buy big. They bought the mcmansions, took the vacations, ran up the credit cards and competed to keep up with the neighbors. 17% interest rates didn’t matter. They wanted all the things they never had growing up.
People in their 40′s: These are the people who tried to have it all and then the economy tanked. Going back to school became a popular option as people had to go out and reinvent themselves. These were the people who had quite a bit and then lost almost all of it when the economy nose-dived.
People in their 30′s: These are the kids who grew up having everything. The parents made sure that their children were spoiled and living well. These kids are the generation that are still ok buying the big homes. Having a two-story foyer that sucks up a lot of the utility costs trying to heat or cool it doesn’t concern them. A $400.00 utility bill is par for the course.
People in their 20′s: These are the cautious kids. They watched their parents go from everything to nothing. These kids are very environmentally savvy and want their homes to have tech items like solar panels that can save them money. These kids are taking their time moving out of their parents homes. When they do move out, they are cautious with their money and aren’t looking for a big place. These kids will not be house poor. A small home with a smaller house payment is what suits them.
Hope this post was relatable and fun to read and compare to your own experiences.
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Wendy McCance
To contact Wendy McCance about a writing assignment, interview or speaking engagement, please email her at: [email protected]
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How interesting. We know these things but it’s interesting the way you presented it. I appears we have come full circle. Just my thoughts…
My partner and I would fit into the 60′s category, although we were both born in late 80′s! The summary provided is very accurate in my opinion: most of my friends in their 30′s have crazy amounts of debt because they grew up “with everything” and tried to maintain that lifestyle as an adult; my friends in their 20′s however are much more willing to live at home and save up rather than face impending debt. I think another important aspect being ignored however, is the rising costs of tuition. Many 20 year olds already HAVE outstanding loans, anywhere from 20-100 thousand, used to pay for school. No doubt this debt must impact one’s willingness to purchase a home!
Great insight. Debt from school loans is unfortunately a huge problem with some of my friends as well.
Thanks for a very interesting post. I shared it on facebook.
Thanks Wanda, that’s great!
You sure know how to take a girl back! As a 40 year old who is in the process of reinvention (And so are you, dear Wendy), you nailed us, and you’ve nailed the other generations as well. It’s weird being old enough to relate to why the older generations act as they do, and also having lived to see the 80s babies (The younger 30 year olds, the later 20 year olds) indeed have a totally different mindset and upbringing than I did as a 70s baby.
I felt the same way when the teacher went over the generations in the class. It was pretty interesting.