Accounting for nearly half of the global population, millennials (or gen Y, born between early 1980s and mid 1990s) and generation Z (gen Z, born late 1990s and late 2000s) are becoming the key influencers in the real estate market. Smart home With distinct values and digital fluency, these next-generation consumers are changing how homes, workplaces, and hospitality properties are designed, utilized, and marketed, industry experts say. These groups are widely considered the most digitally connected and tech-savvy to date. Gen Y grew up during the Internet’s rise, while Gen Z are true digital natives. Constantly connected through smartphones and social media, many are adept online shoppers and value digital efficiency. But they also care deeply about real-world experiences and social, health, and environmental issues. As their incomes grow, Gen Y and Gen Z are demanding more flexible, technology-integrated, and sustainable living options. The traditional model of early homeownership is increasingly out of reach or out of favor. Skyrocketing house prices, outpacing income growth, along with baby boomers holding onto property wealth, have pushed many younger consumers toward alternative housing solutions, such as co-living spaces, rent-to-own arrangements, and long-term rentals. According to industry analysts, affordability is now a key factor […]
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