From rising rents to more privacy and comfort, a number of factors are driving homebuyers to look for their dream abode this spring, according to a home buyer survey by Realtor.com. And these factors differ according to their age.
Take millennials for instance. According to the survey, 23 percent of the buyers between 18 and 34 years said that rising rent was one of the key reasons that were pushing them towards becoming homeowners, more than any other life event. “This corresponds with steep increases in rents across the country in recent years, especially in many high-cost urban areas that have become magnets for millennials,” the report said.
A growing family, was the key reason for many buyers in the age group of fewer than 55 years to look for a home this spring. The survey found that at 17 percent fulfilling family needs was a top priority to buy a new home for homebuyers in this age-group.
Privacy ranked high on the list for homebuyers aged 55 and above who were looking for a home, the survey indicated, with more than 20 percent of buyers in this age group saying that having space solely for themselves was their main goal for purchasing a home this year. At 18 percent, a motivation for physical comfort and stability at 15 percent came a close second and third as the key reasons for buying a home among this group.
Conversely, family needs took precedence for younger buyers with fulfilling family needs taking the top spot followed by stability and personal expression. Only 12 percent of buyers younger than 55 cited privacy as their chief priority.
However, buyers across all age-groups agreed on the type of home they wanted, with 44 percent of respondents saying they were looking for a three-bedroom home and 93 percent of respondents wanting at least two bathrooms in their new homes.
Yet, the younger age-group prefers contemporary and colonial homes while the older buyers preferred ranches when looking for a new home, the survey found.