Are Millennials Becoming Their Parents?

, Are Millennials Becoming Their Parents?
Posted on: March 16, 2020 | Posted by: Theresa Wellman

Yes, when it comes to home ownership, equally across the generations, almost all Boomers, Gen Xers  and Millennials say that owning their own home is important.

For reference :

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)

Generations Agree – How to Pick the Neighborhood

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%)

 

Excerpted from Coldwell Banker press release on March 10, 2020: https://blog.coldwellbanker.com/gyhrelease/