Commonalities are often the key to mutual understanding – which is why it is really fascinating to look at all that Baby Boomers and Millennials have in common. The tendency in recent years has been to widen the divide, at least in the media, when it comes to generational gaps and values. And while all individuals and generations can have different needs both within and between them – Realty Biz News published an interesting piece on what the two most talked about generations have in common. Here is what they revealed:
#1: Less Is More.
Both Millennials and Baby Boomers would prefer less home to take care of. Who needs a library when you can read on your iPad? Who needs a garage and the expense of a car when you can use Lyft and Uber? Who needs multiple living areas if your community has amenities ideal for entertaining? Bigger is not always better, and members of both generations agree that you can live big dreams in small spaces. Recent US Census data indicated strong demand for homes less than 1,800 square feet, followed by demand for homes of less than 1,400 square feet.
#2: Quality Over Quantity.
While many Millennials and Baby Boomers are content (and prefer!) less space, that does NOT mean they want fewer amenities. Key desirables in active senior communities and starter homes of today have everything to do with luxury and convenience. Modern materials, flexible floor plans, smart home functionality and high-end appliances are often on the ‘must’ list.
#3: Rising Rent Trends.
Interestingly, many millennials and Baby Boomers are at a point in life when they want to experience more and own less. That means that many members of both generations are turning to renting. Whether prioritizing travel, deciding where to buy next (if at all) or seeking walkable, urban locations – many individuals are finding that renting is the answer to the life they want to lead today. Over the past 15 years, even home rentals have grown from 9 million to nearly 45 million units.
Do you agree that Millennials and Baby Boomers have a great deal in common? Do you think this will make multi-generational communities even more popular in the future? You never know what we can learn when we focus on how we are alike vs. how we are different, but we sure can’t wait to find out!
All my best,
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS,
REI, AHWD, RSPS, MSLG
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/