livinincali, Gen Y (the current and upcoming new homeowner generation) is populous as well, just like the boomers. I see them buying in droves, but they need so much more income to qualify for a mortgage than we did (I’m a “boomer”). HOWEVER, they have FAR more selection (in some locales) to choose from than we did.
Over the last year, I’ve read in several online articles and realty publications that Gen Y doesn’t want to commute to work. The majority of them prefer a convenient location over size and “newness.”
If this is actually true, it doesn’t bode too well for homeowners in lizardland. Retiring boomers relocating to SD with cash have no interest in lizardland. For example, they’re moving to Coronado or Pt Loma (to be near their boat which they’ve had slipped here for a decade-plus).
I don’t think the boom and bust cycles of Cali were affected solely by boomer behavior. I think they were affected primarily by monetary policy and cities and counties decisions to allow in Big Development.
