It doesn’t matter your age, when you’re making a life altering decision like buying a house, you need to know what it is that you want. This is a huge purchase and you don’t want to settle for anything less. As we continue to navigate our way through the public health crisis, real estate agents report seeing different priorities among buyers from different age groups.
Today, we’re going to take a look at the features and amenities that are most important to three generations of homebuyers: Gen X, Millennials, and Gen Z. Realtors predict that these generational priorities are going to have a big impact on the future of the housing market.
Generation X (41 to 56 years old)
This age group is mostly (or soon to be) empty nesters and when they are house hunting, they want a home where they can relax and entertain friends and family more. This group of homebuyers are eager to find properties that have enviable backyards that are perfect for a get-together. These buyers are interested in various features like an in-ground pool, hot tub, space for games, a dedicated seating area and a start of the art grilling station.
Along with a backyard for entertaining, these buyers are drawn to properties with a home office because they’re still deeply invested in their careers.
Millennial Generation (25 to 40 years old)
The Millennial generation aren’t the young whipper snappers that baby boomers like to think they are. The eldest of this group is approaching middle age and have families of their own! So when this generation is looking for a new home, 64.7% of realtors say their clients with children are more interested in what the school district is like above all other concerns. These parents want to make sure that their children are going to be going to a school system that is well equipped with the tools and staff that can help set their children on the road to success.
But, buyers in this group aren’t just focused solely on the needs of their children – they, too, want homes with a home office. The need for a home office is particularly strong among professionals who can work remotely, which gives them the ability to choose neighborhoods that are more affordable and maybe closer to friends and family.
Generation Z (up to 24 years old)
Generation Z, they’re the youngest age group that are buying houses and despite being the youngest, they make up 24% of homebuyers. Generally speaking, this age group may have small children and tend to be focused on their career, both of which eat up a lot of their time. As a result of their busy schedules, these buyers aren’t interested in buying a fixer-upper. These folks want a house that they can begin moving into the moment they receive the keys to their new home after closing. In their mind, if they’re spending hundreds of thousands of dollars on property, it shouldn’t need any work to be move-in ready!
Along with move-in ready property, Gen Z buyers are interested in property located near (or in) a metropolitan area. Not only do they want to be able to enjoy all the offerings of an urban area, but they are starting out in their careers and remote work may not be an option.
Changing priorities reshape 2022’s housing market
Home trends are ever changing and while some similarities may exist between the generations, it’s impossible to say for sure what features and amenities will be in demand in the new year. However, it is safe to say that you can get a better understanding of what the market is doing in your area by consulting a realtor. Whether you’re buying or selling, a realtor’s advice is always worth seeking.