For all the commentary that Millennials have very different wants and needs than their Baby Boomer parents, it is increasingly looking like the two generations may have more in common than first expected. Those similarities apply to their preferences in the homes they buy, as well. New research that recently appeared on Credit.com reports that both demographic groups have similar home interests.
“When it comes to preferences in housing, there isn’t much of a difference between what Millennials and Boomers want,” the report states.
This trend includes technology. “Today it is not strange to see your Boomer neighbor retrofit his home with the latest smart speaker or light bulb,” the report says. “With their love of technology, Millennials don’t want to be left behind.”
Other areas where the two demographics overlap include household items like walk-in showers, air conditioning and heating systems and even the rate of home ownership.
Home size, however, is one area where there are some divisions. Boomers are downsizing as they become empty nesters seeking maintenance-free homes. Millennials are also initially looking for smaller homes, but as they start families, experts expect them to move into larger houses to accommodate increasing family size.
“Both generations have different needs, but they also have similar priorities when it comes to buying a house,” the report concludes. “These generations are buying homes that fit best with their lifestyle and current stage in life.”
That said, “They’re not as different as you think.”