In order to compete with existing homes on the market, home builders need to study their customers carefully and offer the right home. However, different age cohorts may focus on different features. A recent National Association of Home Builders analysis shows insight into the home--and neighborhood--features that matter most for each generational grouping. NAHB economist Paul Emrath explores Baby Boomers and millennials--two critical "barbells" of the buyer pool--in particular, matching each up their prioritization of eight specific amenities. Emrath writes,
"For home buyers in the Boomer generation, the most desired of these features is a “typically suburban” community (defined as consisting of all single-family detached homes) rated desirable or essential by 70 percent of Boomer respondents. After that comes a group of three community features rated essential or desirable by 61 to 64 percent of Boomers: being near retail space, a park area and walking/jogging trails.
The main generational differences in the rankings are 1) playgrounds are particularly important for buyers in the Millennial generation, but fall entirely out of the top eight for Boomers and Seniors; and 2) an outdoor maintenance service becomes relatively more important for older buyers, moving all the way up to number five on the list for Seniors."