With the ongoing rift between the baby boomers and millennials, at times it seems like a war of blame for anything that goes wrong in today’s society. However, there is a striking similarity in mindset and adjusting to the realities when it comes to the housing market.
Here are the similarities between baby boomers and millennials:
1. Owning a home is still the “American Dream.” Despite all the challenges, a new Zillow survey found that millennials still believe owning a home represents the “American Dream” and even more so than Generation X and baby boomers.
2. “Price is King.” A recent article by the San Diego Union-Tribune detailed that millennials also believe in the old saying “price is king” when it comes to the housing market. For millennials who do own a home, affordability means they are trending towards living in the suburbs away from urban areas (despite the stereotype of prioritizing the experience of the “urban lifestyle” over building equity). This is similar to the suburban boom after World War II had ended when soldiers returning home chose to buy the cheaper suburban homes over the more costly rental apartments in the city.
3. Preference for single-family detached homes. According to a recent study by the National Association of Home Builders, although specific configurations vary, millennial and baby boomer home buyers prefer single-family detached homes with a shared priority on exterior lighting, ceiling fans and a laundry room on the main level.
4. Renting houses and living with roommates. The increase in rentals, as opposed to owning a home, and the need for roommates to compensate for the higher prices are not exclusive accommodations for millennials but have also extended into the baby boomer demographic. As NBC News reports, baby boomers have opened up to living with roommates not only due to increased rental fees but also, like many millennials, choose to do so for social reasons.
Thus, the proverbial apple does not fall far from the tree.
From the trenches,