Commonalities Between Baby Boomers & Millennials in the Housing Market
A continuous topic in the news is the ideology gap between Baby Boomers and Millennials. As a generation, Baby Boomers married younger and purchased homes earlier in their lives than most Millennials. Older Millennials came to age during the Recession and many struggled to pay off student debt and obtain work in their field of study. However, that hasn’t deterred ¾ of Millennials from having aspirations of owning a home. In the next five years, the number of them actually making the step to do so is expected to substantially increase. The result of this is a fascinating trend where Millennials and Baby Boomers are actually competing for the same real estate. Here is a list of features both generations crave:
Maintenance-Free Living: Another alias for Millennials is the “now generation”. Therefore, it’s hardly a surprise that they have little interest in the continuous upkeep of components of their home that could be replaced with low-maintenance options. Baby Boomers have spent the majority of their lives performing tasks, such as gutter cleaning and deck staining. They are opting out on the allocation of any further time of these chores in order to spend their retirement on hobbies they enjoy.
Most Unwanted Feature: According to a March 2016 study by the National Association of Home Builders, both generations listed elevators as their most unwanted home feature. This is likely due to concerns over repairs and maintenance.
Location: Both generations are attracted to homes that have easy access to restaurants, shops, and public transportation. They appreciate developments that encourage interaction between neighbors with amenities such as walkways, rooftop terraces, and fitness centers.
Environmental Concerns: Many Millennials were raised by Baby Boomers, the generation credited with the inception of the Green Movement. Both generations are in agreement that energy efficient homes are a priority for both the environment and their wallets. Home upgrades that appeal to them are skylights, sun tunnels, and triple pane windows.
Open Floor Plan: Millennials and Baby Boomers both agree that a home with an open floor plan affords them a wide array of options for hosting guests. It also allows areas within the home to have multiple uses, a feature particularly useful in smaller homes. Millennials often opt for homes with a decreased footprint due to cost. Baby Boomers often downsize to smaller homes because they require less care.
This Western Wisconsin Home Built by Lindus Construction Has Features That Appeal to Baby Boomers & Millennials:
