Millennials and Baby Boomers make up the two largest groups that are currently purchasing homes. In 2015, Millennials accounted for 32 percent of the total number of houses sold and Baby Boomers accounted for 31 percent. With 63 percent of the market being made up by groups whose members are separated in birth by a few decades, it's understandable how building homes that appeal to both generations could be a puzzling conundrum for builders.
However, it might seem a little trickier than it actually is, because the preferences of Millennials and Baby Boomers aren’t too far apart. Open floor plans and amenity-rich interiors are appealing whether the buyer was born in 1960 or 1990.
One defining factor that Millennials and baby boomers don’t share, however, is patience, Hartfordbusiness.com reports. Millennials are much more patient that baby Boomers when buying a home and don’t feel the need to jump into a home purchase.
If there is one group builders will be focusing on more in the coming years, it is Millennials. Over the next five or so years, Millennials will be purchasing more homes than ever before. They represent 32 percent of the market, which already leads the way and is expected to increase.