Drawn to similar features in a home,two of the largest most significant buyer groups are in different stages of life. There is no doubt that differences exist that go beyond texting verses phone calling. While the millennial are revving up the boomers are dialing down or at least pondering it. The Millennial struggles for the down payment if at all, while Boomers have equity. We are finding that these two generations which bookend the housing market, share a surprising number of needs and desires.
A Focus On Life Stages Not Labels
The cohort known as millennial (born between 1982 and 2000) and Baby Boomers (born between 1946 and 1964) each span an 18-year age range.Both are looking beyond the space itself. We now think in terms of life stages rather than age groups. Priorities change when the Millennial have kids. They are thinking about a house, a backyard, a swing set, a local park, schools.
Smaller + Low Maintenance
Both seek low maintenance, although the reason may be different. While Empty nester wants to liberate themselves from home maintenance tasks, the career-centric Millennial wants to come home unplug and relax after pushing so hard during the day. Boomer couples and singles seek high quality smaller homes on a smaller lot with less upkeep and amenities close enough to walk to. Balconies terraces & small yards, roof top space, and elevators, all become attractions in the buying process. Elevators become a feature for future value to young buyers as opposed the Boomers who are concerned about stairs. Most developers of town houses or stacked town houses offer elevators these days, as well as in condominium buildings.
An urban Feel A Sense of Place
Both younger buyers and move down buyers value bungalows and town houses along with amenities and access to Arts Food Culture & Entertainment. Both newly developed areas as well as redevelopment sites are looking at these as part of their appeal. The Return of The ADU
Accessory dwelling units targeted to multifamily units whether it be Boomer parents helping their kids get started or having grandparents around to help with the Millennial as they start a family and watch over the kids, or it could be a young couple who use it as an income opportunity or a graphic artist using it as an office space, or a massage therapist with a client. This may hold a key to delivering practical and desirable homes to two burgeoning buyer groups that share more in common than many realize. Though young buyers struggle for home ownership, affordability pressures exist for older buyers too.