If you think that all home buyers are alike, you clearly haven’t been paying attention to housing trends. Just like with music, there are distinct differences in what Baby Boomers, Millennials and Gen X-ers are looking for when it comes to a new home. The right builder can make create a custom home for you that is geared toward your generational preferences.
Home Buyers Through The Generations
Generation X Buyer Needs
Members of Generation X (or simply Gen X) are those Americans between the ages of 36 and 50. They are the largest home buying segment, accounting for approximately 34 percent of all home sales. These people are just coming into the prime earning years. Many have children at home and some are caring for parents in their home also.
What is this group specifically looking for when thinking of property?
The following is a list of what Gen X-ers would consider as home buyers.
This group is likely to be married and needs space for their kids and/or parents. This may include a separate apartment or a mother-in-law suite.
Gen X-ers are also one of the most environmentally-conscious generations. They are looking for recycled and sustainable building products and high-efficiency and solar-powered home systems.
Open floor plans
Gen X-ers are family-oriented and thus like large living, dining or recreation areas where adults and children can interact, even while the adults are preparing meals.
What The Millennial Buyer Is Looking For
Millennials, sometimes also called Generation Y, are the people born after the Gen X crowd, from the early 1980s to the early 2000s. This is the generation that grew up with technology as a normal way of living, so their needs tend to go in that direction.
What they need:
This is the group that grew up with iPads, computers and the Internet. They view integrated wireless technology and smart home systems as essentials, not luxuries.
Upgraded kitchens and baths
While older buyers are content to buy a “fixer-upper” and do a lot of the work themselves, Millennials want a home that’s move in ready, with high-end fixtures and finishes, especially in the kitchen and bath.
Millennials are the least likely generation to be interested in a big yard with lots of maintenance required. This group is looking for either a small, manageable yard or a community with a homeowner’s association that takes care of yard work, snow removal, and other maintenance.
Meeting The Needs Of Baby Boomers
Baby Boomers may be aging, but they still account for nearly one-third of all home sales. This generation, born between 1946 and 1964, currently numbers around 74 million Americans.
Baby boomers are living longer and are looking for the following in their homes:
As this generation is at or nearing retirement age, their children have left home and they no longer need (or want) a great deal of space and maintenance obligations. This group is a good market for semi-detached condos and developments with maintenance agreements.
Baby Boomers are increasingly moving away from traditional jobs and starting their own businesses. Designated spaces to base their at-home jobs are essential.
Wide doors and better lighting
This aging population likes its independence, but that often means poorer eyesight and relying on a motorized scooter or walker. Wider doors and better lighting helps with these issues.
While Baby Boomers may be looking for less space, they want that space to be luxurious, and they know what they want. This generation is a good market for granite countertops, stainless steel appliances, and hardwood flooring.
Regardless of the generational needs of home buyers what should remain true for all time is the proper construction of the home. This means that part of the home buying search also means recognizing that the home is well constructed as a foundation to meeting all other requirements and needs.