It’s well documented that millennials tend to make different lifestyle choices than baby boomers do, from waiting longer to get married and have children to spending their money on health, wellness, and experiences rather than material goods.
But boomers and millennials also want very different types of houses, and it’s creating a major problem in the real-estate market.
Fifteen years ago, boomers were building large, elaborate houses in states like Arizona, Florida, North Carolina, and South Carolina, The Wall Street Journal reported. Now, faced with the effort of maintaining such houses, they’re looking to downsize.
The only problem? Young people aren’t interested in buying their houses, according to The Journal.
“Homes built before 2012 are selling at steep discounts – sometimes almost 50%, and many owners end up selling for less than they paid to build their homes,” Candace Taylor wrote in The Wall Street Journal.
“These days, buyers of all ages eschew the large, ornate houses built in those years in favor of smaller, more modern-looking alternatives, and prefer walkable areas to living miles from retail,” Taylor wrote.
Younger buyers are also uninterested in outdated interior design.
“Design trends have shifted radically in the past decade,” Taylor wrote in The Journal. “That means a home with crown moldings, ornate details and Mediterranean or Tuscan-style architecture can be a hard sell, while properties with clean lines and open floor plans get snapped up.”
Read the rest at: non-committal