Millennials have different priorities than their parents when they are looking to buy a home, according to the results of a Century 21 Canada survey released October 8.
Millennials, also known as members of Generation Y, are defined as young adults born in the early 1980s or later. Their wish lists are more centered around the business aspects of real estate than those of baby boomers, defined as those born between 1946 and 1964.
The survey found that millennials:
- are more than twice as likely as boomers to rank location as a top buying priority (33% versus 17%);
- place a higher importance on a short commute time than do Boomers (46% versus 26%); and
- are less likely to be concerned about having funds left over after a home purchase (18% versus 26%).
The survey also found that 45% of boomers place a high priority of having access to services and amenities, while only 21% of millennials stated this was important to them.
In addition, boomers report being more concerned with feeling a sense of community in the area in which they purchase, with 15% ranking this as important. Only 10% of millennials see this as a priority.
