As millennials increasingly relocate for jobs and continue to gain clout in the housing market, they are seeking amenities and locations that differ from those sought by baby boomers, according to a national survey of real estate brokers conducted by Cartus Corp., the Danbury-based provider of global relocation services.
The Cartus Millennial vs. Boomer Real Estate Survey received 209 respondents nationwide.
The survey found 71 percent of real estate brokers expect to see an increase in the number of younger transferees moving into their markets for jobs.
“The millennial vs. boomer survey provides a fascinating look into the implications of an up-and-coming generation as it gains prominence in the housing market as first-time homebuyers with needs distinctly different from baby boomers,” said Gerry Pearce, executive vice president for broker and affinity services for Cartus, in a statement.
According to the survey, millennials (45 percent) are five times more likely to want a home that’s equipped with “smart home technology” than are their boomer counterparts, at 8 percent. When it comes to fitness, millennials (16 percent) are twice as likely to want a home with a specific fitness room, compared with boomers (7 percent).
The top three features millennials seek in their next home are an upgraded kitchen, smart home technology and a home that’s ecologically friendly, according to the results.
Baby boomers (79 percent) are more interested in purchasing a home with a master bedroom on the first floor, versus 9 percent of millennials who consider it a must-have.
When it comes to location, both millennials and boomers are interested in homes closer to town and that are newer construction. But the survey said that is where the similarities end, with boomers (22 percent) looking for homes with accommodations for extended family, while millennials are less inclined toward that detail, at 8 percent.
Real estate brokers are fairly optimistic about the number of boomers and millennials that will move into their markets this year as a result of job transfers: 45 percent said they believe relocation volume would be greater in 2015 than last year. Additionally, both boomers and millennials are more likely to purchase than rent, according to brokers.
This year marks the 60th anniversary for Cartus. It has moved employees into and out of 185 countries and its offerings include language and intercultural training.
