Millennials who are relocating for jobs are looking for amenities and locations that are different from those on Baby Boomers’ wish lists, according to a national survey of real estate brokers conducted at our recent Broker Network Conference in California.
With 209 respondents nationwide, our survey found that 71 percent of real estate brokers expect to see an increase in the number of younger transferees moving into their markets for jobs.
The “Millennial versus Boomer” survey provides a fascinating look into the long-range plans of a generation that is already becoming a prominent segment of the housing market. The survey also reveals that these first-time homebuyers’ wish lists are clearly different from those of Baby Boomers.
What are the “Must Haves”?
According to the brokers surveyed, Millennials (45%) are five times more likely to want smart home technology than are their Boomer counterparts, at 8%. And Millennials are twice as likely (16%) to want a home with a specific fitness room, compared with Boomers (7%).
The top three features Millennials long for in their new homes are upgraded kitchens, smart home technology, and environmental updates; at a rate of 8 to 1, Baby Boomers (79%) are more interested in homes whose master bedrooms are on the first floor.
Real estate brokers are fairly optimistic about the number of Boomers and Millennials who will move into their markets this year as a result of job transfers; 45% of the brokers surveyed said they believe relocation volume will be greater than last year. Both Boomers and Millennials are also more likely to purchase than rent, according to brokers.
And what of Generation Z, the youngsters who think Millennials are over the hill? Their home-buying ambitions were cataloged last December in this article by Sherry Chris, who heads our sister company Better Homes and Gardens Real Estate.
Read the full press release on the Millennials vs. Boomers survey.