As baby boomers look to downsize out of their suburban McMansions, a generational showdown is looming: Millennials might be coming into their own as the nation's biggest group of first-time home buyers, but they aren't exactly lining up with bids in hand for those large, expensive homes in the sleepier suburbs.
About 45% of millennials who plan to buy a home in the future are waiting because they aren't ready to settle down yet, according to a survey of 24,000 millennial renters by the rental website Apartment List.
"They don't want the traditional massive homes and big yards. They want smaller homes and cool things to do." "It's more important to have proximity to the lifestyle they want," says Jason Dorsey, president and researcher at the Center for Generational Kinetics, focused on millennials and Generation Z. "Their living room is actually the park outside the condo." The type of home that everyone wants today It's not just the size of boomers' homes that is a turnoff; it's also the style.
Why boomers struggle to sell All of these factors mean that while it's a seller's market in many areas, plenty of boomers are having trouble selling their homes, says Chris Porter, chief demographer and researcher for John Burns Real Estate Consulting.
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