New generations will seek to move to corporate areas in the next two years

As society adjusts to a post-Covid-19 reality and life in most countries returns to normal, people feel more confident in planning for the future.

This feeling is revealed in the way of life that the different generations hope to have for the future. According to The Global Live-Work-Shop Report survey, carried out by CBRE, in the last two years, in Mexico has moved 26.5% of a universe of 20,000 people.

However, the number of those who plan move house in the next two years it is higher: 35.5% plan to settle in another destination. The younger generations prefer to live close to the workplace and the Baby boomers (over 58 years of age) prefer to live on the periphery.

The pandemic has also prompted a change in selection criteria, with consumers increasingly seeking properties that provide better health and safety, more outdoor space and dedicated areas for working from home, as well as proximity to business centers. and corporate areas to reduce transfer times.

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However, the real estate services firm warned that prices are the main factor influencing the choice of housingso the economic environment around the housing sector It’s a challenge for acquisition.

“The recent increase in mortgage rates and weakening global economic conditions could delay or discourage investment decisions. homebuying“CBRE said.

Where do you prefer to live?

Of the Mexican respondents who plan to move in the next 2 years, 35.5% indicated that they prefer to stay in the same city, but close to business centers.

They are followed by those interested in a different city –to the periphery- (21.5%); those who prefer to live in a different city, but closer to business centers (15.1%).

While the option that registered the lowest percentage was to settle in a different country, with 10.9 percent.

Regarding the generations looking to move close to corporate areas in the next two years, in Mexico Generation X (42-57 years) and older Millennials (34-41 years) are the ones that have the highest percentage, with 37.5% in both cases

They are followed by Baby boomers (+58 years), with 36.4%; young Millennials (26-33 years old), with 34.9%; and Gen Z ((18-25 years old), with 33.3 percent.

Rent, the option of generations Z and Millennials

Of those who wish move, the youngest prefer to rent, while the rest intend to buy. This is linked to the economic status of each generation.

In global terms, Gen Z and Baby Boomers say they are “fairly confident” that in the next 12 months their personal financial situation will be better than it is today. In Mexico, both groups are “very sure” that this will be the case.

Globally, all generations agree that the best option for move is to buy with a mortgage.
In Mexico, data shows that Early Millennials, Gen X, and Baby Boomers are inclined to buy without mortgage (45.5%, 35.4% and 42.9%, respectively).

Finally, a good part of Gen Z and Late Millennials choose to rent private accommodation on the traditional lease terms of the market (42.2 and 35.7 percent).