Buying a house is an exciting time in a person’s life, especially if they’re a first-time buyer. As a first-time buyer, people dream up all sorts of things that they want in their dream home, but those wants aren’t necessarily the same for every age group. Realtors are taking note of these differences and you might be surprised by how their priorities differ from one another.
Let’s take a look at some of the features Gen X, Millennials, and Gen Z are searching for in a house. If you’re thinking about selling your home, knowing these priority differences might help you anticipate what kind of buyer your home would appeal to.
Generation X (born between 1965 to 1980)
Buyers who fall into the Gen X age group are nearing retirement age and their millennial-age kids have packed up and moved out. With this new found freedom, middle aged buyers are ready to let their hair down and enjoy being kid-free. The home features that this group is looking for are very much geared to entertaining.
According to realtors who participated in the summer/fall 2021 survey released by HomeLight, 47.1% of realtors say their clients are eager to find a home that has outdoor amenities such as an outdoor living space, a swimming pool (preferably in-ground) and an updated grilling area. Gen X buyers are also interested in a home that’s ready to move in - no work required.
Millennial Generation (born between 1981 to 1996)
Millennials aren’t starting families as young as their parents had, but 80% of children born in 2016 come from millennials. Millennial families are strongly influenced by the fact that they have children, so it’s no surprise that 64.7% of realtors say their clients are focusing on homes that are located in neighborhoods in a good school district. Parents want to make sure their children receive a good education.
Another thing that millennials are looking for are properties that are located near their workplaces as these buyers are established in their careers (or are starting to get there). With that said, proximity to the office may not be at the top of all millennials' wishlist because many businesses are adopting a hybrid workweek. Those who are fortunate to work remotely may consider moving to a more affordable neighborhood or a neighborhood near family.
Generation Z (born between 1997 to 2012)
Although the eldest of Gen Z are just 24 years old, they make up 24% of buyers entering the market. These buyers aren’t as established as the older generations but that doesn’t mean they fickle about what features they want in their new abode. These buyers are on the fast track to make a name for themselves in their careers so they’re going to be working a lot. When they aren’t working, they want to move into a home that’s near larger cities where they can enjoy the nightlife, shopping, and other activities you may not find in a rural area.
With such a busy life on the horizon, 40.5% real estate agents say these buyers are eager to find a move-in ready home with a home office. Like millennials, these buyers may be fortunate to work from home if their jobs allow for it, but unlike millennials, these young buyers are willing to sacrifice square footage if they can find that perfect turn-key property near a bustling urban playground.
Buyers prefer different things based on their age group
In the past, buyers wanted homes with the typical features - open floor plans, updated kitchens, spa-like bathrooms, and hardwood flooring. These features are still in demand, but their main priorities have shifted, as highlighted above.
If you’re selling your home and you’d like to maximize your appeal to the buyers in your area, ask your agent for advice regarding what’s popular today. Realtors are experts in their field and you can trust that they’ll stay up on the latest trends.