A New Look At Generational Buying Preferences

March 17, 2016

Previous reports that have taken a look at the most popular features for a home or a neighborhood between generations found that there were not too many major differences between what was desired by each generation. Something like a laundry room was highly attractive regardless of generation.

A new study by NAHB, however, shows that while certain features may prove enticing across generations, something that isn’t quite so universal is the desired size of a home. Among all generations, homebuyers reported a median of 2,020 square feet, which is about 9 percent more than the current median of 1,859 square feet. However, on a generation-by-generation basis, especially between the youngest and oldest generations, the desired size of a home is very different.

Millennials and Gen Xers have a desired home size of 2,375 square feet and 2,315 square feet respectively. But Baby Boomers and Seniors desire much less at 1,879 square feet and 1,791 square feet. In addition, Millennials and Gen Xers current homes are around 500 to 600 square feet below their target, while baby Boomers and Seniors are right at their desired range or are even looking to downsize.

Similarly, Millennials and gen Xers are much more likely to be drawn to homes with four or more bedrooms. Millennials were the only generation that had more respondents that desired a 4+ bedroom house than one with 3 bedrooms (48 percent compared to 39 percent) while those from Generation X also found 4+ bedrooms appealing as 43 percent of respondents were interested in having a more bedrooms.

Those numbers drop significantly for the older generations, as only 20 percent of both Baby Boomers and Seniors found four or more bedrooms to be attractive.

To see the full breakdowns, follow the link below.

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