Generational Trends for Home-Buying Preferences
Yes, Millennials enjoy shopping through Amazon and making avocado toast – but it looks like they also enjoy the same housing preferences as Gen Xers and Baby Boomers.
According to the National Association of Realtors®’ (NAR) 2020 Home Buyer and Seller Generational Trends Report, most age groups were motivated to live near family and friends, with 53% pointing to this major factor when selecting a neighborhood.
Between Millennials, Gen Xers, and Baby Boomers, newer homes were more enticing – most citing a newer home as the main reason for a purchase.
However, there are differences between the generations:
Those aged 22-29 stated that their main reason in purchasing a home was to own a home of their own (60%), whereas those aged 55-64 fell to 17%.
Younger buyers are also more concerned with their commute time – around 74% of buyers aged 22-29 selected “convenience to job” as a priority to buying a home. For older buyers, “quality of neighborhood” took precedence.
Check out NAR’s infographic below!
For more real estate news, check out Alliance’s Blog.