Doesn’t it seem like the term “millennial” has been tossed around ever since the 2000s? Even today, millennials are believed to be anyone who is of a younger generation. Yet, what the older generations fail to realize is that the oldest group of millennials are nearing their 40s! And, while the youngest of the age group are in their mid-twenties, they are still out there buying their first home.
As realtors gain clients in this age range, they’re seeing a priority shift between the age groups. The older generations are becoming empty nesters. The millennials are starting families. The youngest generation is just trying to find their way in the world.
Let’s take a look at the main features/amenities realtors say are in high demand among the ages.
Generation X (1965 to 1980)
Most Gen X are parents of the millennial crowd and many are looking to downsize (and maybe reinvest their profits from the home sale) because all of their children have flown the coop. Empty nesters are nearing their retirement and they want to embrace this period of their lives! They’re interested in buying a home that is move-in ready. They want a home where they can start moving in the very moment the keys are placed in their hands.
Not only are they hoping for a move-in ready property, 47.1% of real estate agents who took part in summer/fall 2021 survey say their Gen X clients want a home that’s great for entertaining. They’re looking for outdoor living spaces, a pool, and maybe even an in-ground hot tub.
Millennial Generation (1981 to 1996)
Although millennials aren’t starting a family as early as their parents, 80% of babies born in 2016 come from millennial parents. Parents that are looking to buy a house aren’t necessarily looking for that perfect home. Instead, they’re main priority is buying a home in an area with a good school system. In fact, 64.7% of realtors say that a good school district is at the top of their millennial clients must-have list.
It’s also worth mentioning that this age group is getting established in their careers and they’re also looking for properties that are near the workplace. However among those who have jobs that can be done remotely, nearness to the workplace isn’t a top priority. Those who do work remotely may consider buying a home near family or to a neighborhood that’s more affordable.
Generation Z (1997 to 2012)
Gen Z buyers make up 24% of the buyer pool and while they may be young (the oldest Gen Z’er is 24), they know what they want. They’re busy getting their careers on track (or even starting their own businesses) and they may not have the time to do any renovations in a home. That’s why they’re looking for move-in properties and 40.5% of realtors say a property with a home office is in high demand.
Priorities for today’s homebuyers have changed
Home trends of yesterday would include open floor plans, custom cabinetry, spa-like bathrooms, and the like. However, today’s homebuyers are looking for properties with more practicality and suitable to their lifestyle. Older buyers have seen their children off to college or move to a place of their own. Millennials are raising families and are focused on their children’s education. The youngest of buyers want homes that are move-in ready and close to nightlife.
Just remember that it’s okay to want different things and realtors are more than happy to help you find that property that meets - or exceeds - your expectations.
Comments(0)