Are Millennials Becoming Their Parents?
Yes, when it comes to homeownership.
Equally across the generations, almost all boomers (91% ages 56-74 / born approx. 1946-1964), Gen Xers (91% ages 40-55 / born approx. 1965-1980) and millennials (92% ages 24-39 / born approx. 1981-1996) say that owning their own home is important. When it comes to picking a neighborhood, the generations mostly agree:
· Location, Location, Location: Eight in ten (81%) Americans agree that they value the location of their home over the size, with the majority of all generations in agreement: boomers (79%), Gen Xers (79%), millennials (81%)
· Safety First: Boomers (98%), Gen Xers (98%) and millennials (93%) overwhelmingly agree on the importance of living in a safe neighborhood
· Keep Your Friends Close, and Your Family Closer: Nearly three out of four boomers (72%), Gen Xers (73%) and millennials (73%) say it’s important to them to live close to their families
· I Love the Nightlife, Sometimes: A slight majority (54%) of millennials say living close to bars, restaurants, and nightlife is important; those numbers drop slightly for Gen Xers (46%) and boomers (34%)
· Americans want a Trusted Advisor (a real estate agent) to Guide Them Home: Millennials, Gen Xers and boomers who have worked with a real estate agent to buy or sell a home agree, the number one reason they decided to work with a real estate agent was to have a trusted advisor to help navigate the buying / selling process (58% of boomers, 45% of Gen X, 47% of millennials)
· “Home Where My Music’s Playing, Home Where My Love Lies Waiting:” These lyrics are straight from “Homeward Bound,” and when it comes to what music evokes feelings of being at home, rock and country are the top picks, with 37% of Americans saying each of these genres makes them think of home. When it comes to rock, similar proportions of millennials (36%), Gen X (43%), and boomers (39%) say this type of music elicits feelings of home
If They Were in the Market to Purchase a Home, What Would Make Americans More Likely to Purchase?
· The White Picket Fence: Millennials are nearly twice as likely as boomers to say that they would be more likely to purchase a home if it has a white picket fence (13% vs. 7%)
· Hardwood Floors vs. Carpeting: Boomers are more likely than millennials to say hardwood floors would make them more likely to purchase a home (53% vs. 35%). Carpeting is significantly less popular than hardwood floors among all three generations, with 20% of millennials, 21% of Gen X and 21% of boomers saying that carpeting would make them more likely to purchase a home.
· Americans Love Privacy: The top two features that would make Americans more likely to purchase a home are a master bedroom with a private master bathroom (63%) and a fenced-in backyard (51%)
· DIY vs. Move-In Ready: Eighty percent of Americans say if they were purchasing a home, they would prefer to buy a move-in ready home over one that requires any updating, but what would they give up? Roughly 7 in 10 Millennials (70%) and Gen Xers (71%) say they would be willing to sacrifice home size for a move-in ready home within their budget, boomers agree but at a lower rate (63%)
Thanks to our partners at Real Trends for compiling + sharing this information.
What about you? Whether you’re a millennial, a boomer, a gen-Xer or even a Zoomer…what would make a house the perfect home?
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