Ah, the amenities of city living. Restaurants, theater and entertainment all within walking distance. Sound appealing? Millennials and baby boomers sure think so.
When it comes to house hunting, the two generations – millennials, age 23-38, and baby boomers, age 55-75 – have more in common than ever before. In fact, the 2018 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends Report found that the average size of home purchased between the groups was nearly identical, and the median price of the home purchased was comparable despite the difference in life stages between these two groups.
“Right now, both generations of homebuyers are going for the smaller updated ranch with the price point being in their first house or downsize range,” said Denis Murphy, Broker/Owner of RE/MAX Unlimited in Bohemia, New York, of the trend in his market.
With housing inventory remaining tight in recent years, millennials and baby boomers are often going head-to-head when making offers on a limited number of homes. Both generations can come out winners, and happy homeowners, if they navigate the housing market correctly. (read more)