CNN’s millennial voice of reason and digital publishing expert, Jon Passantino, enlisted the help of three top experts to figure out how different generations differentiate between homes they hate to love.
“The great thing about Zillow is the richness of our data and the deep insights that we’re able to generate from that data in real time,” says Brooke Chaffin, Vice President of Marketing at Zillow. “Our Agents view us as more than just a national marketplace. They view us as a first class consumer intelligence platform that brings together a variety of online tools and in-person interactions to provide a sense of value, exploration and inspiration, all of which make our agents more useful to consumers.”
To narrow down the list, Passantino asked millennials, Gen Xers and baby boomers to rate their homes on a scale of one to ten (one being a dislike and ten being a love).
Gen Xers had a slightly better time finding homes – if they weren’t looking for a home, they were looking for a house. The biggest difference between Gen X and Millennials’ homes? The fact that Gen Xers could afford a bigger house and homes were less expensive.
“Millennials are less prepared financially to buy their homes than Generation X,” says Jeffrey J. Berg, award-winning author and co-host of the Huffington Post Generation Z blog. “And that means that for many it’s harder to make the sale. In all cases, we find that when the home pricing increases, the buyer tries harder and the home is more attractive to them.”
Battling Gen Z
In their housing struggles, millennials are turning to Gen Z, described by Road & Track as the “seas of half-built houses, high schools that grind, and real-life shows like ‘The Hills’ that are so familiar we no longer want to look anymore.”
So does this mean that young people want to move out of their parents’ homes? According to Country Living, not necessarily. However, Gen Z renters don’t want to have to pay property taxes or maintain an urban home, leaving Generation X and millennials to fight for the attention of the upcoming group of renters.
“Owning has increased in popularity with their time, as they’ve grown up in a time when a home can provide everything a family needs to ensure success. When their parents or grandparents decided to buy a home, it was because it offered them and their family a safety net, but because Gen Z hasn’t experienced that yet they’re going to turn to renting,” says Berg.