Be it a Boomer, a Zoomer, or the seemingly-catch-all, a Millennial, and everything in between, it doesn’t matter what you call them, we all need homes. In light of the COVID pandemic, realtors are seeing a priority shift among buyers young and old. Don’t get us wrong, homebuyers are still vying for luxury bathrooms, upgraded kitchens, and hardwood floors, but there are some generational housing trends that you might be surprised at.
Let’s take a look at how buyers from Gen X, Millennial, and Gen Z (yes, some Gen Z are old enough to become bonafide homeowners!) are asking their realtors to help them find their new home.
Generation X (41 to 56 years old)
Buyers in this age group are in their prime, their kids are grown-ups themselves and are looking for houses of their own. With this newfound freedom, Gen X homebuyers are looking for properties where they can embrace all that it means to be empty nesters and want a home with a yard where they can entertain guests and family. These buyers are searching for a home with an outdoor living space that includes an in-ground swimming pool, upgraded grilling area or outdoor kitchen, separated space for relaxing and dining.
These party animals aren’t just interested in a home with space to entertain outdoors, as 32.2% of real estate agents say their clients are also interested in a home office.
Millennial Generation (25 to 41 years old)
It’s true that millennials aren’t starting a family as early as their predecessors did, but it’s worth noting that 80% of children born in 2016 were born to millennial parents. These children are now entering their school-age years and 64.7% of realtors say these homeowners are keen on finding a home that’s located in a good school district. They want to make sure their children have the chance of receiving a good education so that they’ll have the building blocks to go on to become well-educated, successful adults.
These buyers aren’t just keeping their children in mind – they’re also embracing the possibility of working remotely. They’re considering relocating to another area that’s closer to family or even a more affordable area since there isn’t a need to travel to the office.
Generation Z (up to 24 years old)
Although you wouldn’t think someone in their early 20’s would have the means to buy a house at this point in their life, the truth is they make up 24% of homebuyers. At this age, Gen Z buyers are interested in properties that have a home office since they, too, are likely to work remotely. They want a home with a dedicated home office so that they can work distraction-free.
It’s also worth noting that Gen Z buyers aren’t interested in a property where they have to do any work. They want to enjoy being a homeowner from the moment they start unpacking. They’re also asking their agents to find them a home near the city or where there are things to do. Buyers are using home affordability calculators to figure out how much home they can afford and if they can’t afford a home in the desired area, they’re willing to sacrifice square footage in order to get that home.
Homebuyer’s change in priorities reshape 2021’s housing market
In-demand home features are always changing, but today’s buyers have other priorities outside of the usual features. Buyers of the different generations know what they want and while they may not be entirely different, their realtors are going to work their hardest to find the homes their clients are vying for.
Will these housing trends be the same next year? It’s hard to say. But one thing is for certain, current events always play a role in what buyers want.