Understanding Millennial and Gen Z Home Buyers: 5 Reasons They’re Different From Other Generations

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It’s tempting to think you have the fastest-growing homebuyer audience figured out based on your past experiences. After all, millennials and even some Generation Z buyers are now purchasing homes in the suburbs – similar to previous generations their age, right?

Sure, but these generations look, act and think differently than the ones that preceded them. If you take a cookie-cutter approach to each homebuyer group, these demographics may start looking to your competition instead.

In this series, we’ll analyze five reasons why millennials and Gen Z are blazing a new path to home buying, while also nodding toward convention. We’ll also take a look at why paying attention to these differences can help your business, products and services.

In this series, we will:

Split these generations into two groups – Older Millennials (roughly 30-40 years old) and Younger Millennials/Generation Z (about 22 to 29). The oldest millennials have reached 40 years old, are likely to have families and might be reaching higher income levels. Younger millennials and older members of Gen Z, however, are less established in their careers and/or other post-college plans, both of which became even more complicated by the coronavirus pandemic.

Not paint with a broad brush. Every generation has countless exceptions to every rule. This series will focus on the most relevant differentiators, but they’re not true of every member of these generations.

Older Millennials

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  • Between 30 and 40 years old
  • Likely to have families
  • Might be reaching higher income levels

Younger Millennials/Generation Z

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  • Between 22 and 29 years old
  • Less established in their careers and/or other post-college plans
  • More affected by the coronavirus pandemic

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