John DL Arendsen, Crest Backyard Homes "ADU" dealer & Contractor  (CREST "BACKYARD' HOMES, ON THE LEVEL General & Manufactured Home Contractor, TAG Real Estate Sales & Investments)

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Juan Lacayo
The Keyes Company - Westchester, FL
I know my neighborhood.

I think the difference could be the buying power.  You see, the baby boomers are more liquidated because of their home equity mortgage paid off, and savings, 401k and or pension. Contrary to Millenials, they are limited to buy by two major factors 1) Huge Debts by student loans and Living  on C.C. and 2) Mortgage loans approval not availbale for those with high debt to income ratios.  What the solution could be for Millenials?  Perhaps, buy pre-construction where the prices are more appealing  and the products exist, meeting their criteria.

Jun 08, 2016 03:02 AM
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

I wrote a post about multi-generational households. This is a HUGE and growing market. The demand for large homes that they can retrofit for the different family memberes is going to only increase. There is a huge market for this. Builders are even building for multi-generational households by adding on mother-in-law quarters, separate wings with multiple kitchens and then a gathering area like a larger living room where all the generations can come together for family gatherings and meetings, etc. We don't get many millenials right now, it is all retiring and move up baby boomers with many of them bringing along their millenials who live with their parents. 

Jun 08, 2016 04:09 AM
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Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I don't think the market for larger homes is totally going out the window.

Jun 08, 2016 03:23 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I really hate lumping them all into groups.  Every one is different.

Jun 08, 2016 06:05 AM
Rainer
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Kristen Correa, Broker
Kristen Correa Real Estate & Reedy Creek Realty Services - Keller, TX
I love coffee & real estate. I am out of coffee!

Such a good question. I am not so sure born on date has to do with anything but the food I eat anymore... My chidren are buying Polaroid cameras and record players! They are KIDS! The most popular furniture style for my 20 year old teacher friend - mid century modern. Tinier the space, the more cozy she feels. But her 20+ BFF just did 3000 ft! And the last cash buyer I had at over $500k was old. Just. Old. Big house. So I am not sure how to answer it from an age perspective at all. From a supply and demand perspective, I have noticed one thing no matter what major city I drive through - any state - pick a state - the urban development. Every major mix master highway grid area right in the thick of downtown there will be giant mixed use areas with residential mass housing. Brand new. Just about every single major city is seeing this massive residential urban development.

Jun 08, 2016 11:13 PM
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Multigeneration households are becoming more common.

Jun 08, 2016 09:30 PM
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Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

I agree with Nestor & Katerina Gasset that multi-generational housing is a growing source of buyers for larger homes. Some of that market includes Baby Boomers choosing to share housing to reduce expense and share the work of maintaining a residence.

Jun 08, 2016 06:33 PM
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

I just read some data on Millennials and seems 60% if them live with parents, postpone with creating a family, and usually if they decide to buy they have less money down comparing to Baby boomer who pays often all or a lot of cash. 

Jun 08, 2016 05:41 PM
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

John,

I hate making general statements.  I have seen boomers downsizing and upsizing.  I have seen millenials buy luxury homes and tiny houses.  It all depends on who they are and what they are made of.  That is as general as I am willing to get.  A

Jun 08, 2016 02:16 PM
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

great questions

Jun 08, 2016 01:18 PM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Boomers can usually do what they want to do in regard to purchasing power. If they want to flash they can buy it or if they want t downsize and be practical they can do that for now too. Millenials are incumbered with student loans and debt (usually) and have big desires but are limited in what they can do.

Jun 08, 2016 01:01 PM
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Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

I hate to go by stereo types.

Jun 08, 2016 12:31 PM
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

It sounds like both are looking for low cost of living but for two different reasons, I'd imagine.  My guess is that Boomers who saved for retirement now want to spend more time enjoying life instead of mowing the lawn.  Their kids and grand kids don't really need the grass to play on.

 

Millenials for the most part do not have any buying power.  So small homes are all they can (maybe) afford.  Granted there are always exceptions like my friend Amanda who has a killer job (as does her husband), both recruitted out of college in very technical fields by very large multi-national name brands (and they actually do make good money).  They also live in Texas where the cost of living is much less than California (where she's from).

 

Outside of the affordability issue, I think the millenials are trying too hard to be different and "ironic" and the tiny house thing will be a fad that will die out like the pet rock or hyper color clothes.

Jun 08, 2016 10:47 AM
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Boomers have more wealth (savings, equity, ROI).

Millennials have ratio-destroying student loans.

The "Tiny House" fad will go away... people don't want to live in a box.

 

 

Jun 08, 2016 06:15 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

After reading dozens of articles on this subject, I am still uncertain as to whether the experts really know anything about these groups.

Jun 08, 2016 05:48 AM
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Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

My observation has been the effort to make a distinction based on labels is an exercise in entertainment.

Instead, what I see is what could always be seen.

New buyer are risk adverse and fearfully optimistic with unbridled liberalism.

Upwardly mobile are buying real estate, raising families and have conservative values.

Empty nesters evolve  more liberal values, have greater financial liberty and greater awareness of legacy.

This is simply the natural evolution of individual value and awareness. And each of us go through the same cycle.

Jun 08, 2016 03:18 AM
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Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Millennials will soon be a major force in driving the market. The more we can learn about this enigmatic home buyer, the better.

Aug 06, 2017 06:01 AM
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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

IMO group names are so limiting and generalizing - I try to avoid that when possible

Jun 08, 2016 10:08 PM
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The idea of buying a home, of getting in, is the same. The beliefs may differ

Jun 08, 2016 07:07 AM
Rainmaker
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FN LN
Toronto, ON

Some people and organizations have applied various characteristics to the two groups.  However, each group is extremely large and not everyone within those groups fits the characteristics. 

Jun 08, 2016 05:50 AM