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Many homebuying Millennials and their generational parents, the Baby Boomers, are searching for the same things in housing: greater affordability, lots of amenities, and less maintenance.
In a word, both market segments are seeking townhomes, according to BSB Design's "No BS" blog. Townhomes are more affordable than detached single-family homes, and are more likely to be amenity-rich, according to the design studio. This suits the proclivities of both empty-nesters and first-timers, who prize walkability as well. "Townhomes that are 3-4 stories allow for high-density locations to have more living space, while also still feeling like a detached single-family home. As land cost increases, going up rather than out is an affordable way to get the most out of your space."
Trends are showing Boomers are staying in the workforce past the typical retirement age of 65. In a Pew research study, about half of working boomers past retirement age said it’s because they need the paycheck, while the other half is choosing to work for enjoyment. With half needing to work past 65 to survive, they’re looking to cut costs where they can. Making the transition from a single-family home to a townhome is a great option while having little sacrifice.
