What Housing Preferences do Different Generations Have?

What Housing Preferences do Different Generations Have?

With every new stage of life comes new habits, priorities, and housing preferences. If you’re thinking of selling your home anytime soon, it’s always best to stage or renovate your home for your target demographic. Gen Zs, Millennials, and Gen Xs make up the majority of the buyer pool, so you’ll want to keep their priorities in mind as you start your selling process.

Gen Z: Location, location, location

While home prices may be high, low mortgage rates have put this young generation within reach of homeownership. Born from 1997-2012, this group may be young, but the oldest members are now about 23-24, so some have already decided to dip their toes into the housing market.

So what is a Gen Z looking for? For now, this age range wants to see move-in ready properties within walking distance (or at least a quick drive or Uber) of shopping and dining. In addition, a home office is a top-priority for this tech-savvy generation, who desire work-from-home work environments.

Compared to other generations, Gen Zs will normally prioritize location over space. Only 8.8% of agents cite space as a top-priority for Gen Z clients, compared to 24.9% for the general buyer pool.

If you have a home in a great location — close to a city center — you may find this younger generation may be drawn to your property.

Millennials: Schools are key

Born between 1981 and 1996, Millenials are the most eager to take on the next great adventure in life: parenthood. These stroller-walking millennials may be having kids at a slower rate than generations before them, but they still make up the vast majority of parents these days. If you’re a homeowner in a family-friendly neighborhood, millenials are your target buyer.

Currently, 72 million millennials are parents, so the quality of the school districts in your area will be key selling points. Top real estate agents cite great school districts as the number one priority for this buyer pool. In addition, millennials are also likely to desire proximity to work and spacious property sizes to accommodate their growing family.

Since Millennials account for the largest percentage (37%) of homebuyers in 2021, odds are this is the generation who will scoop up your home once it goes on the market.

GEN X: Think walkable neighborhoods

Approaching retirement age — yet not quite there — Gen X needs a home that doesn’t require much work. These are people between 40-56, so they’ll want little maintenance and move-in readiness, according to top real estate agents.

This generation wants to entertain, so having an upgraded backyard will definitely attract a lot of Gen X attention. In fact, 47.1% of realtors claim an outdoor living space is the top priority for this buyer pool. You’ll want plenty of entertainment inside as well, like large kitchens, home theaters, wet bars, and kitchen islands.

Most importantly of all? Gen X cares about the surrounding area. They don’t necessarily want to be right in the city, but they want necessities nearby (gas, groceries, drug stores) and would like a walkable neighborhood.

While tailoring your home to your desired clientele is always important, as long as you find a reliable and experienced real estate agent, you’ll be able to sell both promptly and profitably!