Millennials vs. Baby Boomers: Cartus Broker Network Survey Shows What These Relocating Homebuyers Want (and Don't Want) in Their Next Home Purchase
As Millennials increasingly relocate for jobs and continue to gain clout in the housing market, they are looking for amenities and locations different than those on Baby Boomers' wish lists, according to a national survey of real estate brokers conducted by Cartus Corp., a leading provider of global relocation services.
The "Cartus Millennial vs. Boomer Real Estate Survey"* of its Cartus Broker Network members had 209 respondents nationwide. The Cartus survey found that 71 percent of real estate brokers expect to see an increase in the number of younger transferees moving into their markets for jobs.
"The Millennial versus Boomer survey provides a fascinating look into the implications of an up and coming generation as it gains prominence in the housing market as first-time homebuyers with needs distinctly different from Baby Boomers," said Gerry Pearce, executive vice president, Broker and Affinity Services for Cartus.
What Millennials and Baby Boomers List as 'Must Haves'
According to the brokers in the survey, Millennials (45%) are five times more likely to want a home that's equipped with smart home technology than are their Boomer counterparts, at 8%. When it comes to fitness, Millennials (16%) are twice as likely to want a home with a specific fitness room, compared with Boomers (7%).
The top three features Millennials are looking for in their next home are: an upgraded kitchen, smart home technology, and a home that's ecologically friendly.
At a rate of 8 to 1, Baby Boomers (79%) are more interested in purchasing a home with a master bedroom on the first floor, versus only 9% of Millennials who consider it as a must-have.
Rounding out the top three features Boomers are looking for, following the master suite on the first floor, are an upgraded kitchen and a finished basement.
When it comes to location, both Millennials and Boomers are interested in homes closer to town and that are newer construction. However, that's where the similarities end: Boomers (22%) are looking for homes with accommodations for the extended stay of family members, while Millennials are less so at 8%.
Real estate brokers are fairly optimistic about the number of Boomers and Millennials that will move into their markets this year as a result of job transfers: 45% said they believe relocation volume would be greater than last year. Additionally, both Boomers and Millennials are more likely to purchase than rent, according to brokers.
* -Percentages reported reflect survey respondents' ranking a question either a 7 or 8 on an 8 point scale, with 8 being the highest ranking.