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.

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