Below is a brief summary because it would take a book to combine the details of the different generations.
Millennials: 1980s – 2000s
Americas newest generation isn’t that different from previous ones. They Instagram pictures. Their buy a home button is marriage.
Generation Z & X: 1960s – 2000s
(Many similarities and many different characteristics.)
Have a five-year plan. If they can’t buy, then they rent. If buying, they look for ways to add value. Don’t be afraid of doing light remodeling. Don’t assume value will increase in five years. Start planning for your retirement.
Boomers: 1946 – 1964
Get out of debt, simplify and declutter life and home. Plan on taking care of your parents in some way. Many will need to change their retirement plan.
Greatest Generation/Seniors: 1930 – 1946
Continue to take care of home and modify. If health issues occur, consider a retirement community or moving in with a relative, but be sure to research the costs and types of home care. Research VA benefits (if applicable), Medicaid, Medicare, Long-term Care. It is extremely important that you eat right, exercise, eliminate stress, and have a social life.
Monk’s Moments of Thoughts
Younger generations do have some overlapping in the years. It is very interesting that the newest generation is very similar to baby boomers – living life does go in circles because best parts remain the same.
Though we are all so different, most have a very similar plan for home ownership. It starts with a wise first investment then taking care of home with consistent maintenance and selling when the time is best (may occur several times in your life). As we enter the later part of our lives we must logically consider if it is best to downsize, resize (children moving back or not), or stay put and make home modifications to age safely in your home for many years to come. Be realistic, for your own safety, when deciding it is time to sell the home. If you aren’t happy, very stressed about condition, lonely, and can’t drive then it is time to sell.
Generational Housing Consultants can help you answer these questions. Through years of experience we have had many opportunities to observe the constantly evolving new lifestyles being created for all ages. The biggest changes have occurred with the Baby Boomers and Seniors. Baby Boomers have realized that they may not be able to retire with the same quality of lifestyle they were accustomed to. Some may never retire. Some may have adult children that must move back in with them and some may also need to move their aging parents with them. The seniors just didn’t realize they would live this long – no other generation did before them – so many didn’t plan well. All generations need to remember that everything we have today is because of what our Seniors sacrificed for us.