In a time where millennials are moving out of their parents’ homes, senior citizens are selling their current homes and looking to downsize, the age-based preferences of potential home buyers are becoming more and more glaringly obvious. Here’s a look at what different generations take into consideration when looking for a home.
First and foremost, different generations are willing to pay different amounts for their next home. On average, buyers are willing to pay around $220,000, while Generation X buyers expect to spend around $231,000. The first thing anybody looks at when buying a home is the price, so depending on which demographic makes up most of the market that you’re looking to sell in, you may know how to most effectively price your home to sell. As the age of a buyer increases, the price that they are willing to spend for a home declines.
Younger people want homes bigger than what they currently have, while senior citizens are looking to downsize. Only baby boomers are typically happy with the square footage of their current home. The square footage is also desired on multiple floors of a home the younger the buyer is. 88% of seniors want a one-story home, while 65% of millennials are seeking a two-story option. Not only do older people have little to no interest in an upstairs, but they are also significantly less interested in any sort of a basement being present.
A Separate Laundry Room
Surprisingly, 3 out of the 4 age groups taken into consideration place having a laundry room at the top of their most desired features. Only baby boomers (who have a laundry room ranked 3rd) have anything else first, and they opted for Energy Star-rated appliances. The most generally unwanted extra in a home was an elevator, which was ranked least important by every group except the seniors who placed it at number 3).
It’s no secret that different groups of people are looking for different things in the properties that they’re looking to buy. Knowing what demographics make up most of the area where you may be trying to buy or sell a home could make a huge difference in getting the best possible results out of the deal.