Baby Boomer or Generation Jones?
American cultural commentator Jonathan Pontell, defined the generation born between 1954 and 1964 as Generation Jones. Pontell asserts it is a distinct generation from Baby Boomers (1946 to 1964) because the Generation Jones children and teenagers experienced Watergate, the oil crisis, stagflation, recession and they also ‘skirted’ the Hippie heydays.
As Generation Jones’ reached adulthood, the military draft was dissolved. There was no defining political cause like civil Rights and the Anti-Vietnam protests. By 1955 most US households had at least one TV. Generation Jones may have been too young to understand the implications of the assassination of the Kennedy’s and Martin Luther King, but were most likely aware of what was going on.
The name alludes to “keeping up with the Joneses,” meaning yearning or craving. The generation was confronted with a period of high inflation, followed by recession, and the shift from a manufacturing economy to a service economy.
The economy was a challenge and we took it on. We became independent and could not wait to leave home as we learned and yearned to fight for our future. Nothing would be handed to us. We developed a competitive drive to keep up with the Joneses, ‘get ahead,’ and keep progressing. We have a record number of career changes.
Another big difference for many of us was purchasing our first homes with interest rates in the 15% to 16% rates in the 1980’s. I remember when interest rates got down to 8% and thought it was like getting free money!
Early Boomers heard about Woodstock, but weren’t a founding part of that revolution. We were bombarded with Watergate. Pontell describes some of our key characteristics as distrust of government and general cynicism. Some espouse that Generation Jones’ skepticism, pragmatism and overall distrust of government is more akin to Generation X than it is to the Boomers.
Baby Boomers Lead Housing Market Purchases
(NAR/Fortune) Baby boomers are currently the largest share of home-buyers, out-pacing millennials in recent years, and they are increasingly opting to purchase homes outright with cash. This shift is driven by factors like a desire to avoid renovations and home repairs, and a preference for the ability to choose and customize features in new homes.
Key Trends Real Estate Baby Boomers:
- In the past year, baby boomers accounted for 42% of home purchases, while millennials accounted for 29%.
- A significant portion of boomers, including half of older boomers and 40% of younger boomers (Jones’), are purchasing homes entirely with cash.
- Many boomers are planning to stay in their current homes as they age, contributing to a shortage of housing inventory.
- Boomers are among the most likely to purchase newly built homes, often seeking to avoid renovations and repairs.
- Some boomers are buying homes with the intention of having family members, particularly Gen X, live with them.
- As boomers age and pass away, a large number of homes will come onto the market, which could potentially impact the housing supply and afford-ability.
- While many boomers have accumulated significant wealth, some are finding it difficult to afford housing due to rising costs and limited inventory.
- Baby boomers are dipping into their cash pile after years of home value appreciation throughout the pandemic housing boom to buy smaller homes near family and friends. Millennials, on the other hand, are tapping into family money for down payments. Alena Botros, Fortune: “Baby boomers are dominating the housing market.”