Glut, Glut

We don’t want your stinkin’ homes. So sayeth millennials. To be more accurate, they can’t afford our stinkin’ homes and even if they could afford them, they hate the location.

Nine million homes are projected to go on the market between now and 2027. As boomers die or age out, the homes come on the market at a time when younger generations are looking for smaller homes in more urban locations. Locales with declining populations in the rust belt or in retirement communities are the last places younger would be buyers will be looking.

Then there’s the affordability problem. Millennials and Gen Xers have more debt and financial stress than almost any prior generation. About 70 percent of millennials and around 50 percent of Gen Xers surveyed indicated they would like to buy a house one day. Less than half of them are actually saving to buy. Eight percent of millennials and 23 percent of Gen Xers surveyed think they will never own a home.

So what is going to become of these nine million homes? Turn them into baby boomer museums/monuments? Maybe they will hate the location, but if mom and dad gift their home to a child or grandchild, will they say no? The renters among them who are put off by the costs of home ownership probably will take a pass on the deal. But others may recognize that life out in the burbs isn’t so bad if you don’t have a mortgage payment. That savings could offset the cost of Ubering back and forth to the city for entertainment and to see their rich friends who could afford houses there.

This projected housing glut has a familiar ring to it. Not only do younger generations not want our houses, they also do not want all of our stuff. The china settings for 12, the crystal, flatware, jewelry, artwork, the furniture and the damn tchotchkes – all of it is going begging at garage and estate sales. It’s stuff alright. The stuff of nightmares. We can’t give away “brown furniture” to younger generation minimalists.

Maybe the best advice then is to start downsizing now. Sell the big house and furnish the new smaller abode with the kind of furnishings a millennial would want. They will be glad you did.

Jay Harrison is a graphic designer and writer whose work can be seen at DesignConcept and at BoomSpeak. He's written a mystery novel, Head Above Water which can be purchased on Amazon here. You can also visit his author page here.

Foursomes

Not talking golf or sex. It’s almost too easy to miss the forest for the trees, but baby boomers are now part of 4 distinct generations in the workplace. If you are still working, it’s most likely alongside GenXers (1965-1980), GenYers (Millennials-1980-1996) and GenZers (1996-present).

This is a rare circumstance made stranger by the fact that it mixes digital immigrants (that would be us boomers) with digital natives (that would be millennials and GenZers who have been shaped by technology since birth).

The mixture of work traits is fascinating. Boomers can act as mentors which is something that millennials tend to want (praise and reassurance were hallmarks of helicopter parenting). On the downside, boomers may find it hard to keep up with the technology and there’s those pesky health-wellness issues. Younger workers tend to have greater respect for hierarchy and authority thanks to social media peer pressure (how many Facebook friends one has or how many likes your Instagram post gets has left an indelible impression on them). On the downside however, they can be prone to ghosting (i.e. just disappearing from the workplace rather than giving notice), which is something absolutely foreign to mature workers.

Younger workers exhibit more impatience and shorter attention spans. Technology has inured them to receive instant gratification and the workplace often cannot respond well to that.

For employers, the trick is to meld the 4 generations and tap into each’s strengths and skills. It sounds like it could be a 4-ring circus, but for those employers that get it right, they could have an incredibly productive multi-generational workforce that can best the competition.

You could worry about this and lose sleep over it, but the bigger concern is the wave of robots that’s going to replace old and young alike. By 2030, some 800 million workers worldwide are projected to have been replaced by artificial intelligence and robots. In other words, take the Alfred E. Neuman approach. What me worry?

Jay Harrison is a graphic designer and writer whose work can be seen at DesignConcept and at BoomSpeak. He's written a mystery novel, Head Above Water which can be purchased on Amazon here. You can also visit his author page here.