First, understand that generation Z are the children of baby boomers. In which, they are referred to as baby Zoomers. The baby boomer generation are post World War II children that were born, also referred to as children of the 60s and 70s. A lot of generation Z individuals want to live in urban environments, large cities that have gone through transformations. A good example of this is Jersey City. New Jersey has had a massive transformation with many companies that have moved there. The city is close to Manhattan right across the Hudson River, and apartments all within one or two blocks of each other if not all on the same block. The same thing is happening in most major metropolitan areas of the country. There are some exceptions. When large cities have crime problems, people do not feel as safe and that could destroy this movement.
Fort Worth Texas, parts of California, and New York City are trying to encourage people to stay generation Z. Technology also drives this movement, as well as the movie entertainment industry. San Francisco has the technology boom at its front door and Atlanta has the movie industry. When you get to the root of it, people are looking for a quality of life where they can have a decent work environment, a good living environment and a good entertainment environment. In the past, Austin Texas has been a good example, large university great technology, formula one racing.
This trend should continue in the near future. People moving to the United States from other countries are drawn to the same benefits as stated. Many people do not want to talk about or hear about the obvious, which is a natural migration of individuals from states to cities that offer a positive work environment, entertainment environment, and quality of life environment. This transition continues into the near future.
Generation Z, unlike their parents, are less likely to live in a rural environment or go to the suburbs and commute. With commuting time that can take an hour or more, gas prices on the rise, and toll prices increasing, this is a solid trend for investment.
Some cities and states have set up empowerment zones, taking old warehouse districts that are run down, and giving tax incentives to developers to completely do a remake... Which makes sense, socially and economically, and it comes to an area that generation Z would want to live in. We have seen this happen in downtown Detroit Michigan, also known as 1 mile. Again, if you look around you will see what is happening with the economy, you can change your strategy to change with the times.
Big picture takeaway points
Self-reflection questions to think more about the content
Legacy’s Building Wealth Club offers you the financial education needed to pursue your goals. Let our education and experience lead the way!