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When it Comes to Housing, Millenials and The Greatest Generation Finally Agree on Something
Friday, March 6, 2020
The National Association of
Realtors® (NAR) said its latest study on generational trends in homeownership
has found that some homebuying characteristics of younger millennials are very
similar to those of the silent generation. NAR's 2020 edition of its Home Buyer
and Seller Generational Trends report found that, despite the age gap between
the two group-the silent generation could be the great grandparents of the
younger cohort-the two are likeminded in terms of buying preference. For both groups, proximity to
friends and family was a major part of their home buying decision. Slightly
more than half (53 percent) of the younger group, homebuyers between the ages
of 22 to 29 listed this as a major consideration in picking a neighborhood, identical
to the share of those in the 74 to 94 age group. For a third of the older
group, living closer to family and friends was the primary reason for selling
their home. In previous surveys the top rationale has been relocating for work
or retirement.
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