DANBURY, Conn., April 1, 2015 /PRNewswire/ -- As Millennials
increasingly relocate for jobs and continue to gain clout in the
housing market, they are looking for amenities and locations
different than those on Baby Boomers' wish lists, according to a
national survey of real estate brokers conducted by Cartus Corp., a
leading provider of global relocation services.
The "Cartus Millennial vs. Boomer Real Estate Survey"* of its
Cartus Broker Network members had 209 respondents nationwide. The
Cartus survey found that 71 percent of real estate brokers expect
to see an increase in the number of younger transferees moving into
their markets for jobs.
"The Millennial versus Boomer survey provides a fascinating look
into the implications of an up and coming generation as it gains
prominence in the housing market as first-time homebuyers with
needs distinctly different from Baby Boomers," said Gerry Pearce, executive vice president, Broker
and Affinity Services for Cartus.
What Millennials and Baby Boomers List as 'Must
Haves'
According to the brokers in the survey, Millennials (45%) are
five times more likely to want a home that's equipped with smart
home technology than are their Boomer counterparts, at 8%.
When it comes to fitness, Millennials (16%) are twice as likely to
want a home with a specific fitness room, compared with Boomers
(7%).
The top three features Millennials are looking for in their next
home are: an upgraded kitchen, smart home technology, and a home
that's ecologically friendly.
At a rate of 8 to 1, Baby Boomers (79%) are more interested in
purchasing a home with a master bedroom on the first floor, versus
only 9% of Millennials who consider it as a must-have.
Rounding out the top three features Boomers are looking for,
following the master suite on the first floor, are an upgraded
kitchen and a finished basement.
When it comes to location, both Millennials and Boomers are
interested in homes closer to town and that are newer construction.
However, that's where the similarities end: Boomers (22%) are
looking for homes with accommodations for the extended stay of
family members, while Millennials are less so at 8%.
Real estate brokers are fairly optimistic about the number of
Boomers and Millennials that will move into their markets this year
as a result of job transfers: 45% said they believe relocation
volume would be greater than last year. Additionally, both Boomers
and Millennials are more likely to purchase than rent, according to
brokers.
* -Percentages reported reflect survey respondents' ranking a
question either a 7 or 8 on an 8 point scale, with 8 being the
highest ranking.
About Cartus
Cartus provides trusted guidance to organizations of all types
and sizes that require global relocation solutions. This year marks
the 60th anniversary for Cartus, which serves more than
half of the Fortune 50 and has moved employees into and out of 185
countries, providing companies around the world with the full
spectrum of relocation services, including language and
intercultural training. Cartus is part of Realogy Holdings Corp.
(NYSE: RLGY), a global leader in real estate franchising and
provider of real estate brokerage, relocation and settlement
services. To find out how our greater experience, reach, and
hands-on guidance can help your company, visit www.cartus.com; read
our blog at www.cartusblog.com; or click www.realogy.com for more
information.
Contact:
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Alison Sedney at
1.203.205.3739
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Hugh Siler at
1.949.646.6966
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Email:
alison.sedney@cartus.com
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Email:
hugh@silerandcompany.com
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SOURCE Cartus