Joe Wilson's Silicon Valley Real Estate Blog

For Generation Y (Gen Y), the sons and daughters of the Boomers, conceptions of the home are changing. According to survey data recently presented at the National Association of Homebuilders conference, the progeny of the Baby Boomers constitute a significant bulge in the population of first-time homebuyers and their preferences for housing are dramatically different from those of their forbearers.

The survey shows Gen Y is less attracted to the suburban sprawl of unquenchable lawns, formal living rooms and clone-like housing tracts that were so highly esteemed by their parents. Rather, Gen Y seeks functionality and practicality in their outdoor and indoor living spaces alike.

Instead of spending their Sunday afternoons mowing down their half-acre yards, Gen Y-ers would prefer an outdoor space designed for intimate gatherings and requiring little maintenance. Gone is the desire for living space that sits untouched, crowded with plastic-draped furniture still pristine from little or no use. The next generation of homeowners and renters only need enough space to satisfy daily use, which typically means one multipurpose room, sufficient for dining, visiting and relaxing in front of the TV with a laptop.

In addition to smaller, more manageable living space of the single family residence (SFR) variety, the survey revealed a desire for urban, multi-family housing developments with substantial amenities located in shared spaces.