AdobeStock_7998602

I think of Baby Boomers and Millenials as the 'bookends' of the home market, the two largest age groups who both are getting seriously into the real estate market for different reasons but with common goals.

After years of being tied to home and family, many Boomers are ready for experiences rather than possessions… the same thing that has caused many Milennials to delay home buying. I find buyers from both generations don't want their lives controlled by housing costs… they want to keep housing costs and responsibilities down so they have freedom to pursue other interests and integrate all parts of their lives. Both groups are also often looking for places where they can build community and not depend heavily on driving. Many are concerned about the environment.

  • Walkable communities – want to be able to walk, bike or take public transportation to cafes, entertainment, parks, recreation, basic services
  • Urban/first ring suburban, mixed use and mixed age communities – looking to move away from the outer suburbs where many in both generations spent their lives to a different lifestyle
  • Not too much space – more likely to be looking for a craftsman bungalow or a mid-century rambler than a McMansion… and less space also can mean lower taxes
  • Not too expensive – first-time homebuyers are more cautious about not over-extending and many have high school loans they are paying off, while many Baby Boomers are paying cash or making a substantial down payment to keep their housing costs low
  • Low carrying costs – focus on low ongoing monthly utility bills and maintenance costs not just monetary, but also in time and personal/environmental energy
  • Not tied down – freedom from home maintenance and worries when away leads many to consider condos or town homes

Small, smart homes in walkable communities are a common mantra for many of today's homebuyers. With so many home sales going into multiple offers, it isn't uncommon for Baby Boomers and Milennials to be competing for the same home!

Sharlene Hensrud, RE/MAX Results – Lifestyle Realtor

RELATED POSTS

About Sharlene Hensrud

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity

Related Posts

9 things not to forget to do when you move

It's easy to get so caught up in moving your 'stuff' that you forget some other important tasks that are also part of making a move. Here are some tips on what not to forget to do.  UTILITIES Most people don't forget this one, but it's important to contact local utilities for gas, electric, water,.

Read More

Energy Fit Homes… a new standard for energy efficiency in existing homes

400,000 + Minnesota Homes Have Inadequate Insulation New energy efficiency standards for existing homes are being set in Minnesota through a new program called Energy Fit Homes. The HERS energy score is commonly used in new construction, but is often impractical or impossible to apply and administer in older homes, which make up a large.

Read More

Governor Dayton proclaims January Radon Action Month in Minnesota

Radon is the number one cause of lung cancer in non-smokers and the second leading cause of death in smokers (after tobacco). The Centers for Disease Control estimates that more than 21,000 lung cancer deaths in the US are linked to radon each year, and the Minnesota Department of Health estimates that 2 of 5.

Read More