Young millennial homebuyers have a clear priority

Buying preferences create an unlikely joining of the generations

Young millennial homebuyers have a clear priority

Young millennial homebuyers want to live near their friends and family, rather than prioritizing career, mirroring the needs of the ‘silent generation’ of grandparents and great-grandparents.

The 2020 Home Buyer and Seller Generation Trends report shows that the two generations have some other similarities when it comes to their home choices.

Fifty-three percent of homebuyers aged 22-29 and those aged 74-94 listed proximity to friends and family as a major factor that would influence their decision in selecting a neighborhood.

The survey results from the National Association of Realtors show that 33% of the older group listed moving closer to loved ones as the primary reason for selling their previous home.

However, while there are similarities with the older generation, 21% of young homebuyers are unmarried compared to just 3% of the silent and boomer generations when they bought their most recent home.

Of all recent buyers, 61% were married couples, 17% were single women, 9% were single men, and another 9% were unmarried couples.

Smaller towns
Among other trends identified by the report, 25% of young millennials are looking to smaller towns to provide affordable homebuying options.

Meanwhile, 46% of homebuyers aged 30 to 39 said school district quality influenced their decision making, while 36% of buyers from the same age group cited proximity to schools as an influential factor.

Overall, millennials continue to be the largest group of homebuyers (38%) and were most likely to purchase a previously-owned home or townhouse, and they were those most likely to find their home online and to use the internet during their home search.

Eighty-eight percent of younger millennials and 52% of older millennials were first-time home buyers, more than every other age group.