When it comes to discovering what features you'd like in a home, many of us look to our peers for inspiration. Whether it's in person or on social media, seeing what other people our age want in a residence can help us on our own house-hunting journey. Opendoor's latest survey gets all this information in one place.
Video of the Day
Featuring data from 850 Americans who plan to buy or sell a home in the next 12 months, Opendoor figured out what each generation is looking for in a living space. In particular, 26% of millennials ages 29 to 39 see environmentally friendly home features as a top priority. This includes solar panels, sustainable materials, and low or no VOC paint.
As for zillennials (aka people between the ages of 25 and 28), they are equally invested in having a large backyard and a modern kitchen. Both categories saw 27% of zillennials choosing these two features as a priority.
For baby boomers who are aged 56 to 74, a whooping 45% would like a modern kitchen. Interestingly, 21% of generation X would also like a modern kitchen, but 21% of this group sees environmentally friendly features as a necessity.
Another home feature category with notable data is "smart home features." Millennials were more engrossed with these features than other generations, with 20% of millennial participants stating that they are high on their list of desired features. Coming in after millennials, 15% of zillennials showed interest.
What are buyers willing to do to get these features?
Opendoor reports that 73% of buyers would wait a year to find their dream home. On the other hand, 27% would compromise so that they could move in to the home right now.
More than any other generation, 48% of millennials say that they would overbid for a move in-ready home. To stay in budget, 65% of generation X would settle on a fixer upper instead.
While all of this data is fascinating on its own, when you look at it altogether, it serves as another reminder that the housing market won't be calming down in the near future. Sigh.