Baby boomer housing preferences
Posted on Monday, March 14, 2016 at 1:32:11 PM
The baby boomer generation might be getting up there in years, but they are still a powerful force in the housing market. According to the National Association of Realtors' most recent Home Buyer and Seller Generational Trends study, younger and older boomers account for 31 percent of all homebuyers combined. This was second only to Generation Y.
As one of the largest homebuying demographics, boomers have a certain set of factors that go into a purchase decision. Location, size and features are all taken into consideration. The National Association of Home Builders took a closer look at these decision points.
What they found was interesting to both builders and buyers. For instance, the majority of buyers - 65 percent - desired a single-family detached home. Sixty-four percent said they preferred a single-story home, but it varied by generation. Only 35 percent of millennials suggested they would buy a single-story home with their residential financing, compared with 75 percent of boomers.
Desired features like basements also changed with age. Nearly 4 in 5 millennials wanted a full or partial basement, while only half of boomers and 43 percent of seniors found it necessary. It would appear that there are some home features desired regardless of generation, while others are more variable.