WHAT’S LEADING THIS TREND?
Much like the Silent Generation, who had a desire to settle down after the tumult of the 1930s and early 1940s, Millennials are prioritizing family, friends and community over the hustle and bustle of their pre-COVID existence. The study found that 53 percent of homebuyers between the ages of 22 to 29 cited proximity to family and friends as a high priority, and 33 percent of home sellers aged 74 to 94 said the primary reason for selling their previous home was to move closer to friends and family. And this is quite the pivot from the previous generations’ homebuying trends, which placed an emphasis on location, size and design features. According to the report, Gen Xers (born from 1965-1979) purchased the largest, most expensive single-family homes at a median home price of $320,000, and were most likely to move for a job relocation or work-related opportunity. The study also cited that Boomers (born from 1946-1964) purchased the newest homes on average and typically moved the furthest distance at a median of 35 miles.
Long story short? It looks like Millennials are breaking the ‘generational mold’ by prioritizing quality family time and mental health over 2-hour commutes and new quartzite countertops. After two years of ‘FaceTimes with grandma,’ Millenials are realizing that life’s too short to be miles away from the people they love most.