The factors that influence a home buyer’s decision to buy a particular house in a particular neighborhood are very similar across demographic groups. After all, our lives are more similar than they are different. We all want to live in a safe neighborhood with access to things we want and need, like recreation and health care providers. However, depending on the age of the buyer, there are some are other neighborhood features, like schools, that may appeal more to a younger home buyer than an older one. For that reason, the National Association of Realtors’ Home Buyer and Seller Generational Trends study takes an annual look at who’s buying homes, what kind of homes, and for what reasons. Lawrence Yun, NAR’s chief economist, says the results show there is one factor that appeals to buyers of all ages. “The sense of community and wanting friends and family nearby is a major factor for many home buyers of all ages,” Yun said. “Similar to Gen X buyers who have their parents living at home, millennial buyers with kids may seek the convenience of having family nearby to help raise their family.” In short, proximity to family and friends was important to buyers of all ages, whether they were millennials or baby boomers. More here.
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