Buyers purchase homes for many reasons. However, studies show that each generation has their own buying tendencies that may differ from those generations older or younger than them. Find out what the differences are, and if you agree with your generational peers. Feel free to forward this information on to your family and friends
What do Buyers Choose in a Home? Younger buyers cite convenience to work, affordability, and the quality of the school district as reasons for choosing the home they bought. Older buyers say that living near friends and family as well as convenience to health facilities played a large role in their decision to buy their homes.
1,900 is the median square footage of home purchases by all generations. Millennials, Generation X, and Younger Baby Boomers tend to buy higher square footage homes, with Generation X buying homes over 2,000 sqft. The GI generation bought the lowest square footage home, just shy of 1,500 sqft. of space in their homes.
For Generations X & Millennials, bigger is better. Gen X and Millennials are moving towards larger, higher priced home, whereas Baby Boomers, the Silent Generation, and the GI Generation (aka, The Greatest Generation) are downsizing. It's thought that younger buyers seek to upgrade to a larger home and older buyers tend to want a smaller home in retirement or wish to sell the home due to the cost of upkeep.
We help buyers of all ages with their real estate needs. Call The Swede Team today to learn more about our local market or if you have questions about the buying and selling processes.