A generational battle is raging right at the heart of America’s real estate market. As retirement-ready baby boomers search for new digs, hotshot young millennials enter the market. As it turns out, in the upcoming 10 years, 44.9 million millennials will reach 34, the median age for first-time homebuyers.
That’s roughly 7.4% more potential first-timers than during the last decade. However, for now, there are almost twice as many baby boomer homeowners as millennial homeowners, according to a Zillow examination. So what do these extremely different generations look for when it comes to buying their homes? Check this list to see in which way they disagree on 10 popular housing features:
Kitchens
When it comes to the kitchen, baby boomers look for sprawling luxury, as screen-queen millennials crave plenty of tech connectivity. Boomers also love high-end finishes, plenty of storage for their kitchen gadgets (one must love technology), and touch-activated fixtures that become increasingly more important as they age.
In the meantime, a 2015 Think with Google study discovered that 59% of millennials cook with their smartphones. Unshockingly, young homebuyers also appreciate those splash-free zones that make it so easy to follow recipes without ruining their brand-new devices. All in all, 80% of all homebuyers rate a walk-in pantry, double sinks, and space for a dining table as essential or even desirable in the kitchen.
What millennials say
As for millennials, what really matters to them is functionality. They want to be able to unload the dishwasher, wipe down the counters, and put away their groceries in a relatively easy manner. These are the things they do on a daily basis, so they want them to be as painless as possible.
Square footage
While baby boomers are all about “downsizing,” they also don’t like the idea of having an 80-square-foot small house. Around 75% want less than 1,900 square feet of space. That’s relatively smaller than a three-bedroom, two-bathroom house.
In other words, it’s just about right for hosting grandkids but way too small for adult children to move back in. In the meantime, 35% of millennials want a minimum of 2,300 square feet to unwind. That might be able to fit over three bedrooms.
What millennials say
The house of a millennial is 3,500 square feet, with five bedrooms and four bathrooms. It’s way more than they would need, especially if they don’t have kids yet, but it’s also pleasant for them to know that they won’t ever have to move. Others believe that with a family of four, 1,100 to 1,800 square feet and two to three bedrooms would be more than ideal.
Pet amenities
Well, this one doesn’t surprise anyone, in all honesty. One-third of millennials declared that their number one consideration when it comes to buying their first house is giving their pets as much space as they need.
That reason seems to beat out even “marriage” and “children” in a survey conducted by SunTrust Financial Services. Young petrents also seek more roaming space and indoor cameras, so they can effectively monitor the fur kids’ activities throughout the day.
In comparison, baby boomers don’t look for homes specifically customized for their fluffy pals. The builder’s survey also found that special showers for pets are some of the least popular home features for the older generation.
The number of floors
How small is too small when it comes to comfort? A single-story home, would say a space-hungry millennial. But only 35% of young homebuyers would even consider moving into a one-story house, as the National Association of Homebuilders discovered.
But over half of coveted multistory single-family homes in America are currently owned by baby boomers, and many simply refuse to sell their houses until they reach 75 years old, leaving fewer options for picky young buyers. But out of the boomers who would sell their homes, 75% are fully content to move to their own one-story house.
The number of bedrooms
If you’re tired of entertaining your overnight guests, then you are probably a baby boomer. The homebuilders survey discovered that 30% of older homebuyers want fewer than three bedrooms, and only 20% want four of them.
Fewer rooms also equal fewer guests, which is definitely a win for many. In the meantime, 87% of millennials rated that they need to have a minimum of 3 bedrooms as “essential” in their new home. So it’s quite obvious which generation should be considered to be the life of the party.
The backyard
If you haven’t heard already, #plantlife is definitely trending lately, so millennials want a big garden no matter what. Naturally, they would rather have it at a home with a photogenic deck, a front porch, and a patio for proper entertaining.
Well, trendy young homeowners might also add a vegetable patch, water feature, weatherproof speaker system, and some pizza ovens here and there to their outdoor spaces. In the meantime, after many years of tending grass and bushes throughout the year, baby boomers would rather buy homes with small backyards.
What millennials think
Millennials would prefer a big backyard, so it’s definitely something they’d prioritize when looking for a place to call home.
Neighborhoods
Now, this is an important one. Baby boomer homebuyers have been recently losing a lot of interest in moving to retirement communities because that would imply being surrounded by plenty of older people. Understandable.
And yes, in 2024, senior community living seems to be fading rapidly, especially as retirees opt to age in place in their homes or even move to more diverse neighborhoods. Almost 7 in 10 baby boomers (68%) want to be closer to restaurants, shopping centers, and their families, according to a study conducted by the homebuilders trade group.
However, 38% of millennials want high-quality, low-density neighborhoods. On top of that, they also want them to be close to the city, nature, and other amenities.
Energy efficiency
Luxury appliances are at the top of the priority list for baby boomers. For them, the fact that they also save the planet is just a bonus. This generation truly doesn’t mind having plenty of energy-saving doodads at their home, as long as they look good.
However, half of millennials think that energy-efficient appliances are definitely essential when it comes to purchasing a new home. But even if young eco-conscious homebuyers demand brand-new homes packed with plenty of green features, there’s another Deloitte study that showed how 65% of boomers and 47% of millennial homeowners won’t upgrade existing appliances to efficient ones simply because the old ones still do their thing.
Warm weather
If boomers want to fully avoid retirement communities, then they probably strive to move anywhere else than Florida. The majority of baby boomers still look for homes in warm climates, and it shouldn’t come as a surprise that almost 84,000 seniors moved to Florida between 2012 and 2017- which is more than any other state, for that matter. Only recently, retirees have been leaving Florida due to all the hurricanes and climate change.
As for millennials, they love warm, sunny places. However, they are more motivated by lower living costs and various employment opportunities in bigger cities like Texas, Washington, Arizona, or even Colorado.
Renovate vs. move-in ready
Millennials are 100% obsessed with HGTV’s home reno shows, and around 68% of them would instantly buy a fixer-upper. As it turns south, the 20 and 30-year-olds are way more likely to renovate their homes and add more value to them than baby boomers.
In fact, boomers would rather buy brand-new houses to avoid making expensive repairs. Those with older homes might renovate as a way to upgrade and add luxe elements to their houses.
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