The Different Demands of Different Generations
What is your dream home? Ask someone from another generation, older or younger, and you may not get the same answer. Studies have shown the various values and attitudes of different generations have led to some difference of opinion when it comes to what features are most appealing in a home. As taste shifts, so do the elements found most often in real estate.
Baby Boomers (1946-1964)
Generally, baby boomers are hard workers and willing to put in long hours to get what they want. For people in this group, image is important, which is why their idea of a dream home is one that depicts a picture of success. According to a survey by GfK Roper Reports, they rank a state-of-the-art kitchen No. 1 on their “must-haves” list, with walk-in closets, whirlpool baths, fireplaces and swimming pools completing the top five. Boomers, who are becoming “empty nesters”, are well-established in their careers and hold positions of authority. Homebuyers in this generation may be looking to downsize, but more importantly they want a place to show off their life’s hard work—a home that says, “I’ve made it.” So while they may be looking for a property with less square footage, they want a home that is packed full of high-end features. They are also more active than other generations and tend to have a more sophisticated style, so gardens and workshops/studios are appealing.
Generation X (1965-1980)
This generation is of child-rearing age, meaning their homes are very family-focused. The formality of baby boomer homes does not appeal to gen X-ers who want a more causal and comfortable abode. In the midst of parenting, gen X-ers are looking for practicality, a home that can help them eliminate clutter and chaos. For this group, the top two must-haves are state-of-the-art kitchens and plenty of storage with large walk-in closets. Also a popularity for this generation are open-floor plans. With children in the house, they like the idea of having the entire family able to do different things all in the same space. While gen X-ers tend to be very in tune with style and design, their home is not about impressing people. gen X-ers want a home that fits their personal lifestyle. Homebuyers in this generation know what they want and tend to be less prone to settle for less.
Generation Y (1980-2000)
At this stage in their life, the Millennial generation is all about fun! Their idea of a dream home includes anything and everything that is good for entertainment. Unlike the baby boomers and gen X-ers, gen Y cares less about high-end kitchens, gardens, or workshops. The top of their wish list consists of things like swimming pools, game rooms, fitness rooms and high-tech entertainment centers. In addition to gen Y’s need for fun and entertainment, they are also moving away from their parents and emerging socially. This makes many gen Y-ers crave homes in an urban setting, walkable to shops, restaurants, parks, and nightlife. This “always on the go” type of lifestyle leaves the generation looking for properties that require little maintenance. Many homebuilders have started to focus on new developments that specifically cater to these needs.
As a homeowner, you may think understanding these differences is of no importance to you. However, owning a home is not just about having a place to live; it is about caring for your investment and increasing its value for resale. To effectively do so, it is important to identify trends to know what would be worth adding to your home and what repairs or renovations would pay off in the end.
Source: MSN Real Estate “Dream homes vary by generation”
*Birth dates are an approximation