A number of the homebuying characteristics of younger millennials are replicating the buying desires of those in the silent generation, according to the latest study from the National Association of Realtors, the 2020 Home Buyer and Seller Generational Trends report.
Among both age groups, proximity to friends and family is a high priority, with 53% of homebuyers between the ages of 22 to 29 and 74 to 94 listing this as a major factor that would influence their decision in selecting a neighborhood.
“The silent generation – older Americans who are typically grandparents and great-grandparents – for years have prioritized living near family and other loved ones,” said Lawrence Yun, NAR’s chief economist. “But it was surprising to see younger millennials with homebuying preferences and ideals similar to older segments of the population.”
Thirty-three percent of home sellers aged 74 to 94 said the primary reason for selling their previous home was to move closer to friends and family, a deviation from historical trends that pushed home sellers to relocate more so due to reasons such as career changes or retirement.