When it comes to comparing baby boomers and millenials, plenty can be said about their differences in how they view the world. However, when it comes finding affordable housing in New York City, it turns out that these vastly different groups have many things in common.
After all, millenials working on meager salaries may be ambivalent about buying their first apartment; often because they believe they are priced out of the market. Baby boomers who are empty nesters may feel the same way when attempting to downsize. There may be difficulties in finding a property with the right amenities that is located close to things that they need.
It appears that developers are seeing these similarities as well. This is probably why many new developments are designed with meeting both groups’ needs. More properties offer upscale options such as unique kitchen backsplashes, their choice in floor colors as well as washers and dryers in the apartment.
Perhaps most important is how a property communicates with its residents. Indeed, millenials tend to communicate via email and text message, while baby boomers value conversations in person. More property owners will use both to reach their audience. Additionally, more communities will plan social events designed to bring these groups together, since residents of all ages are looking for interaction.
Ultimately, both groups tend to need the guidance of an experienced real estate attorney to guide them through the purchase process to resolve issues that may arise. If you have questions about your rights and options when purchasing or renting property, we invite you to contact us.
The preceding is not legal advice and does not establish an attorney-client relationship.