What do home buyers from all generations have in common? They all place a heavy emphasis on sustainable features in their new homes, according to a recent report by the National Association of Realtors (NAR).
The NAR’s data comes from a 122-question survey distributed to a random sample of more than 148,011 recent home buyers nationwide. The survey identifies and evaluates the generational differences in home buying and selling behavior.
Here are some of the survey’s most interesting takeaways:
- The majority of respondents (36 percent) said cooling and heating costs were the most important sustainable factor when purchasing a new home.
- 14 percent of all buyers in 2013 purchased multi-generational homes. The main purchasing drivers were children over 18 moving back in, cost savings and caretaking for aging parents.
- Younger buyers tend to buy older, previously owned homes due to the generally lower prices and overall value. Baby boomers – those born between 1946 and 1964 – are more likely to purchase a new home, mainly to avoid necessary replacements or renovations and for the ability to customize the space.
- As age increases among recent home buyers, the rate of owning more than one home also increases.
- Older home buyers make fewer compromises. More than half of the Silent Generation buyers in 2013 – those born between 1925 and 1945 – made no compromises on their new home.