When it comes to home buying trends, there is definitely a difference between boomers and Millenials as the two have different ideologies on what the entire process is.

For starters, while young people who want to buy homes remain optimistic and still view purchasing a home a great investment, older people may prefer to trade down to much smaller property that will keep up with their changing lifestyle.

This is not only a view of Melbourne Fl home builders, but NAR (National Association of Relators) home buyer and seller generational trends study which works to evaluate the generational differences that show up between recent home sellers and buyers.

Experts say that the millennial generation which is generally people under the age of 34 have gotten to the peak period where they consider purchasing their first home.

This is a good move for the market as it could imply that there could be an increased demand seeing that they are the largest generation after baby boomers in history.

However as they aspire to own homes, there are some challenges that face them such as eroding affordability, tight credit limited inventory and high debt loads that limit the abilities of the people to own homes.

Even with the market frictions that most home builders face, millennials still form the highest group of people who are in the business of buying homes. The percentages of older people who were buying the homes reduced significantly. Reasons for purchasing a home also differ depending on the generation that a person belongs to.

The young boomers cite that millennials desire to own a home while older ones want a home that they will retire in. There is another silent generation that says they want to buy a home so that they can be closer to friends and family.

Finances are one of the things that affect the home purchasing power of both millennials and boomers. There are some people who have had to delay the process of buying a home because of the debt they have.

Millenials generally took a longer time to raise the down payment where a huge percentage claimed that they still had to pay student loan. Most people who managed to buy their own homes with cash also increased with age.

Studies show that about 79 percent of older boomers bought a home that was already in existence as compared to millennials who took 87 percent.

Similar to when you are talking to a home builder, duration and location also play a vital role when a person wants to buy a home. All generations mostly made purchases in suburban areas but millennials leaned more towards central city and urban areas.

Most young buyers do not want to move too far from where they were residing before.

Older buyers however do not have a problem with this as they can move to further places as they explore new environments.

Older buyers also pay more attention to landscaping, energy efficiency and community features when looking for a house while the younger ones look at commuting costs.