What each generation values in a home
Curious what boomers prioritize in the homes they buy? Eager to learn what Gen X prizes most in a domicile? Intrigued about millennial and Gen Z home preferences? You aren’t alone. Many researchers, sociologists, academicians and industry insiders carefully parse through poll findings and other data to learn what differentiates the generations when it comes to residential attributes most in demand.
For the latest take on these demographic differences, consider the interesting findings of a recent white paper, called “Psyched About Psychographics,” published by Chicago-based commercial interior design firm Mary Cook Associates, which explores the role psychographics plays in revealing each generation’s changing housing penchants and needs. (Psychographics is the study of consumers, based on their interests, opinions, activities and psychological attributes.)
Among the white paper’s findings: Boomers tend to pick homes and features that permit them to create experiences and build connections within spaces they can enjoy with loved ones and friends; Gen Xers prove to be resourceful and pragmatic, valuing higherquality finishes and materials as well as flexible options that enable multigenerational living; Gen Yers rank modern home technology highly and appreciate good value for the money; and Gen Z, while still a little young to be a major homebuyer cohort, are on pace to be the most educated and technologically minded generation of all.
“Boomers are healthy, wealthy and active, and they’ll almost always choose great experiences over more stuff,” says Mary Cook, founder/ president of Mary Cook Associates. “In their homes, priorities are safety and security, convenience, and technology. They also want a low-maintenance home that can transition with them as they age, and a location that’s near family, health care, and community conveniences like shopping and dining.”
Nicholas Deckard, a Realtor for eXp Realty in Ocean City, New Jersey, believes boomers also want a place that accommodates their adult children, grandkids and other family members who want to visit.
“They’re often OK with buying a home that can one day either be lived in by their kids or sold as is. For them, extended family is everything,” he says.
Additionally, boomers love to travel, “so low-maintenance lockand-leave properties are popular. They have plenty of buying power and they’re not afraid to pay for everything they want in a home,” notes Matiah Fischer, a Realtor in Las Vegas.
Gen Xers, by contrast, often rank quality and dependability higher on their home wish lists over having all the bells and whistles.
“They’re looking for the home they’ll be in for decades, not just the next five to 10 years, so having a flexible layout and a lot of spaces is what they value most,” Deckard explains.
Eric Nerhood, owner/ president of Premier Property Buyers in Orange County’s Seal Beach, adds that this demographic also values a preferred location “as well as proximity to work, schools and entertainment.”
Many Gen Xers are part of the Sandwich Generation of adults who are caring for their kids as well as older parents. Hence, floor plans that can accommodate multigenerational living situations are in demand with this group, Cook notes.
Millennials, meanwhile, are all about selfexpression, especially in their choice of homes.
“Additionally, they prioritize affordability, more space and sustainability, and they want a fully wired home with technology everywhere,” Cook points out.
“Younger millennials are also steeped in a world where the sharing economy is completely normal,” says Allen Alishahi, co-founder of ShelterZoom. “Everything from music sharing to ride-hailing is second nature to this group. This can mean layouts that are conducive to having renters and/or Airbnb guests, locations within easy access to bike sharing and convenient Uber pickup points, as well as building amenities like a gym or pool that are impressive enough to invite their friends over to use.”
Gen Zers, similar to many millennials, can likely be counted on to prefer modern physical layouts and shopping for real estate differently than their elders — relying heavily on online information in the home-hunting process, Alishahi contends.
“We are seeing more companies cater to their shopping habits, not just in terms of virtual tours but in providing more in-depth information to buyers online and the ability to close remotely,” Alishahi says.
Like many of their slightly older counterparts, Gen Z is fully connected 24/7, and “places a high value on authenticity, sustainability, and social connection, which will all factor in as their home preferences take shape,” Cook says.
Studying psychographics in the context of homebuying is insightful and rewarding, the experts agree.
“If we understand the values of each generation and how they have evolved, we can adjust design thinking and solutions to connect with their wants and needs in meaningful ways,” Cook says.