Age can play a significant role in what buyers want to see in a potential new home. This study presents findings not just for the average home buyer, but also highlights the housing preferences of Baby Boomers (those born between 1946 and 1964) and how they compare to buyers of other generations.
Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers discusses the latest data on preferences for home size, central-city versus the suburbs, kitchen, bathroom, and community features, and much more.
While many in the real estate industry are focused on the wants and needs of millennial buyers, older generations of home buyers still have a lot of purchasing power. Baby boomers actually make up 31 percent of the home buying population, and real estate pros need to be familiar with their housing and neighborhood preferences.
According to NAHB’s new Housing Preferences of the Boomer Generation report, this generation seeks out single-family detached homes in low-traffic communities. In fact, nearly 80 percent of boomers say they prefer cul de sac lot designs since they limit the traffic flow.
This study collected information from 4,326 recent and prospective buyers of all demographics. NAHB asked respondents to label 19 community features as essential/must-have, desirable, indifferent, and do not want.
Most essential community features for boomers:
- Single-family detached homes
- Close access to retail
- Proximity to a park or walking/jogging area
- Living near a lake
- Outdoor maintenance service provided