Millennials Have More in Common with Their Parents than You Think When it Comes to Home
Are Millennials Becoming Their Parents?
Yes, when it comes to homeownership. Equally across the generations, almost all boomers (91% ages 56-74 / born approx. 1946-1964), Gen Xers (91% ages 40-55 / born approx. 1965-1980) and millennials (92% ages 24-39 / born approx. 1981-1996) say that owning their own home is important. When it comes to picking a neighborhood, the generations mostly agree:
Location, Location, Location: Eight in ten (81%) Americans agree that they value the location of their home over the size, with the majority of all generations in agreement: boomers (79%), Gen Xers (79%), millennials (81%)
Safety First: Boomers (98%), Gen Xers (98%) and millennials (93%) overwhelmingly agree on the importance of living in a safe neighborhood
Keep Your Friends Close, and Your Family Closer: Nearly three out of four boomers (72%), Gen Xers (73%) and millennials (73%) say it’s important to them to live close to their families
I Love the Nightlife, Sometimes: A slight majority (54%) of millennials say living close to bars, restaurants, and nightlife is important; those numbers drop slightly for Gen Xers (46%) and boomers (34%)
Americans want a Trusted Advisor (a real estate agent) to Guide Them Home: Millennials, Gen Xers and boomers who have worked with a real estate agent to buy or sell a home agree, the number one reason they decided to work with a real estate agent was to have a trusted advisor to help navigate the buying / selling process (58% of boomers, 45% of Gen X, 47% of millennials)
“Home Where My Music’s Playing, Home Where My Love Lies Waiting:” These lyrics are straight from “Homeward Bound,” and when it comes to what music evokes feelings of being at home, rock and country are the top picks, with 37% of Americans saying each of these genres makes them think of home. When it comes to rock, similar proportions of millennials (36%), Gen X (43%), and boomers (39%) say this type of music elicits feelings of home
If They Were in the Market to Purchase a Home, What Would Make Americans More Likely to Purchase?
The White Picket Fence: Millennials are nearly twice as likely as boomers to say that they would be more likely to purchase a home if it has a white picket fence (13% vs. 7%)
Hardwood Floors vs. Carpeting: Boomers are more likely than millennials to say hardwood floors would make them more likely to purchase a home (53% vs. 35%). Carpeting is significantly less popular than hardwood floors among all three generations, with 20% of millennials, 21% of Gen X and 21% of boomers saying that carpeting would make them more likely to purchase a home.
Americans Love Privacy: The top two features that would make Americans more likely to purchase a home are a master bedroom with a private master bathroom (63%) and a fenced-in backyard (51%)
DIY vs. Move-In Ready: Eighty percent of Americans say if they were purchasing a home, they would prefer to buy a move-in ready home over one that requires any updating, but what would they give up? Roughly 7 in 10 Millennials (70%) and Gen Xers (71%) say they would be willing to sacrifice home size for a move-in ready home within their budget, boomers agree but at a lower rate (63%)
Myth Busting:
Myth: Phone calls are dead
When asked how they make faraway family members and friends feel closer to home, calling them on the phone was the top choice among all generations (64% of millennials, 66% of Gen Xers and 77% of boomers); all generations picked phone calls above texting (62%, 64%, and 57%, respectively) or posting on their social media (35%, 38%, and 32%, respectively)
Myth: Spending on avocado toast (and at restaurants in general) is a barrier to home ownership
Sixty-six percent (66%) of millennials spent $0 on avocado toast at restaurants in the previous year and only 15% spent more than $50 on avocado toast in 2019
Americans spent only $35, on average, in 2019 on avocado toast at restaurants
Only 4% of Americans cite “spending on dining out at restaurants” as the main reason why they struggled to afford purchasing their first home, tied for last place with “spending on travel,” “paying down/off debt” was the number one main reason (21%)
Myth: Millennials only dream about experiences and travel
Millennials are more likely than boomers to say they believe that, in their lifetime, they will live/have lived in their dream home (81% vs. 67%)
ATHENA SNOW MAR 10, 2020