From older people calling everyone younger than them a Millennial to younger generations saying, “ok boomer” whenever they don’t agree with their elders. Social media has exasperated the divide between the generations, there’s no denying that. We don’t want the same things as what our parents and grandparents wanted.
Generation X (born between 1965 to 1980)
Generation X are in that middle-age realm where their kids have left the nest and now they’re ready to enjoy the peace and quiet. Those who are looking for a new house have high expectations, namely finding a move-in ready abode that they can move into from the moment they have the keys in their hands. This generation doesn’t just crave a move-in ready home, they want a house that can be a place to entertain guests but also support their careers.
One of the features that’s important to this generation who loves to host get-togethers is an upgraded backyard. 47.1% of real estate agents say their clients place outdoor living spaces as their top priority. Home offices are almost as important, coming in at 32.2%.
Millennial Generation (born between 1981 to 1996)
Millennials haven’t been starting a family at the same rate as their predecessors, but 80% of children born in 2016 are to millennial parents. 64.7% of real estate agents say homebuyers with children in this age group rank a good school district as being the top priority when they’re looking for a house. Along with a good school district, millennial homebuyers also value proximity to work as a deciding factor during their house hunt.
Although these buyers consider the commute to work as an important deciding factor, the possibility of remote work becoming a permanent policy (or at least a hybrid work week) could change that. Some people may stay in the same area and just look for properties with space for a home office while others may consider moving closer to family or somewhere that’s more affordable since there’s no need to go into an office.
Generation Z (born between 1997 to 2012)
Generation Z may be the youngest of the bunch, but they make up 24% of homebuyers. Buyers in this age bracket are interested in move-in ready properties that are located near dining and shopping venues near a large city.
Since remote work is likely here to stay, 40.5% of real estate agents state their clients are eager to find properties with a home office. With that said, 8.8% of agents say their Gen Z buyers are willing to sacrifice square footage just to be in the heart of their desired city.
Priorities for today’s homebuyers have changed
In the past, open floor plans, luxury spa bathrooms, and impeccable landscaping were high priorities among buyers. That’s not so much the case now. Buyers from different age groups have different priorities and that’s okay! The housing market may be short on inventory, but that doesn’t mean there aren’t any houses out there that fit the bill. Real estate agents are paying close attention to the market to stay up to day about what amenities and features buyers want. With their help, homebuyers young and old can find the home of their dreams - or at least a home that checks off most of the things on their “wants” list.