18 Jan The Purchase Games
The Millennials versus Boomers conversation has been, and may always be, an extremely hot topic. People love to analyze the two generations and pit their interests, attitudes, and social concerns against each other. Whether manufactured for clicks or founded in reality, Millennials and Boomers seem to always be at odds. When it comes to home buying, a recent report by the National Association of REALTORS® shows that in some ways, they are in fact in competition. Believe it or not, Millennials and Boomers are competing to buy some of the same homes.
Rents are rapidly increasing in multifamily housing and many Millennials are beginning to see the long-term viability of purchasing a home. With growing wages and more purchasing power, this generation is scouring the market in search of the perfect starter home. Boomers on the other hand, are looking to purchase homes in active communities that don’t break the bank. A desire for affordable costs and similar amenities are driving these dueling generations to some of the same neighborhoods.
Though Millennials currently make up the largest percentage of home buyers, Boomers have higher household incomes and are also looking to purchase multi-generational homes. For the younger generation, purchasing this kind of home is likely fueled by the desire to settle down and start building a new family of their own. For their older counterparts, this home purchase may be driven by the need to take care of older family members while providing temporary housing for younger ones. When it comes to the overall community, both generations see the quality of the neighborhood as a game changer. This likely includes criteria such as safety, curb-side appeal, and amenity offerings.
Whether their need for a new home conflicts or aligns, both generations share an interest in the same kind of home. As they navigate the market, Millennials and Boomers will find themselves bidding on the same homes even if it’s for very different reasons. So funny enough, even when the two generations agree on something, they still find a way to butt heads.