A number of the homebuying characteristics of younger millennials are replicating the buying desires of those in the silent generation.
This is according to the latest study from the National Association of Realtors®, the 2020 Home Buyer and Seller Generational Trends report1, which researched each generation to examine the differences of recent homebuyers and home sellers.
The NAR report found that despite the obvious age gap between millennials and those that make up the silent generation, the two groups are likeminded in terms of buying preferences. Among both age groups, proximity to friends and family is a high priority, with 53% of homebuyers between the ages of 22 to 29 and 74 to 94 listing this as a major factor that would influence their decision in selecting a neighborhood.
“The silent generation – older Americans who are typically grandparents and great-grandparents – for years have prioritized living near family and other loved ones,” said Lawrence Yun, NAR’s chief economist. “But it was surprising to see younger millennials with homebuying preferences and ideals similar to older segments of the population.”
Thirty-three percent of home sellers aged 74 to 94 said the primary reason for selling their previous home was to move closer to friends and family, a deviation from historical trends that pushed home sellers to relocate more so due to reasons such as career changes or retirement. However, now sellers have expressed a strong desire to be near family and friends and in some cases are motived to sell for this reason.
Another similarity between the two groups is seen in those classified as “recent buyers.” Younger millennials and silent generation buyers who purchased a new home, were the most likely to make the purchase due to the amenities a newly constructed home provides. This aligns with norms of older generations but represents a new trend for younger homebuyers.
