Boomers, Gen-Xers, and millennials have a lot more in common than you might think
Much has been said about the differences between baby boomers, Gen-Xers, and millennials – but a new survey found that the three generations have a lot in common when it comes to homeownership preferences.
According to the survey, conducted by Coldwell Banker Real Estate, almost all boomers (born between 1946 and 1964), Gen-Xers (born between 1965 and 1980) and millennials (born between 1981 and 1996) agree that owning their own home is important.
But that’s not all they agree on – a majority of all three generations (79% of boomers, 79% of Gen-Xers, and 81% of millennials) value the location of their home over its size. And all three generations (98% of boomers, 98% of Gen-Xers, and 94% of millennials) also agree on the importance of living in a safe neighborhood.
Additionally, nearly three out of four boomers (72%), Gen-Xers (73%), and millennials (73%) believe that it's important to live close to their families. And roughly seven in 10 millennials (70%) and Gen-Xers (71%) said that they would be willing to sacrifice home size for a move-in ready home within their budget – a sentiment boomers agree with, but at a lower rate (63%).
“Our analysis focused on millennials, Gen-Xers, and boomers because these generations make up the largest home buying demographic,” Coldwell said in a statement. “The survey busts common real estate myths, paying special attention to the similarities between generations.”