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When it comes to buying and selling real estate, baby boomers (1946-1964), Gen X (1965-1980), millennials (1980-1996), and Gen Zs (1997-2012) each have their own unique approach.

To be successful in today’s competitive environment, you must adapt to how your clients approach the buying and selling process, not vice versa. Whether you’re a seasoned agent or just starting out, having an understanding of how the four generations are alike and how they are different is critical to your long-term success. 

Amanda Webster, COO of Fund & Grow has helped their users obtain over $10 billion in business credit since its inception and has deep experience working with all four generations. Her insights into generational similarities and differences, as well as how they approach the buying and selling process, can help you better serve all your clients, no matter how young or old they are. 

Generational similarities: Gen Zs and baby boomers

While it may come as a surprise, Webster’s experience has been that the youngest homebuyers (Gen Z) and the most seasoned (boomers) have much more in common than you may think. While their lifestyles may be worlds apart, their real estate needs overlap in a variety of ways. Here are four of the most striking ones that Webster has observed.

Size and affordability needs 

Whether it’s coping with a fixed income in retirement or lack of finances because they’re just beginning their careers, both Gen Z and boomers often face similar financial challenges. 

While Gen Zs are navigating their first jobs and paying off student loan debt, boomers are transitioning to relying on a fixed income. As a result, both generations prioritize affordability and smaller spaces that meet their current life stage needs. They aren’t looking for sprawling mega-mansions but rather manageable homes where every square foot serves a purpose.

Lifestyle choices

Gen Zs tend to favor homes that accommodate remote work. They also are focused on sustainable living, preferring energy-efficient homes with solar panels that allow for eco-friendly living. Many also value homes that have electric charging stations and that can also accommodate future technological advancements.

In contrast, boomers aren’t usually focused on the latest tech gadgets. Nevertheless, they do place a premium on low-maintenance, energy-efficient, often lock-and-leave homes that make life simpler as they age. Many also seek homes that are ADA compliant, allowing easy wheelchair access through entry and exit doors, showers and hallways. Others will want a home where they could also have live-in care if needed. 

Location priorities

Both generations value living near the heart of the community. Gen Zs are less likely to own a car, preferring walkable neighborhoods or places accessible by bike. They’re attracted to areas that foster a sense of community and places where they can engage socially without relying on transportation. 

Boomers, after decades of commuting and driving kids to soccer practice, also prefer community-centered neighborhoods where they can walk to activities and services, much like their Gen Z counterparts.

Both groups are drawn to homes in central locations with easy access to shopping, healthcare, and social activities without a long commute.

“Gen Z wants to fall in love with the property more than any other generation. They also want to fall in love with the entire neighborhood — they’re going to be the generation that brings back neighborly love,” Webster said. 

“They’re going to care if it has events that happen in the neighborhood, like old school, from back in the 1960s where there was a community that would all get together for a barbecue.” 

Many members of both groups will also want to know if there’s room for a garden. 

Financial literacy and constraints

A major challenge both boomers and Gen Zs face is financial literacy. Gen Zs have never been educated on how the mortgage lending process works. Credit scores, qualifying for a mortgage and closing costs are all foreign to them. 

To best serve Gen Z, you will probably have to do a lot of extra handholding as they go through the homebuying process. You need to be the agent who makes sure that they understand each step in the process, especially the fact that closing costs are on top of their down payment. 

While many boomers are financially savvy, if they were married and their spouse handled all the finances, many will be just as ignorant of what’s required to obtain a mortgage as Gen Zs are. Whether a boomer or a Gen Z, the key here is understanding their financial situation early on so you can help them navigate their homebuying journey with confidence.

Gen X and millennials: Similarities and differences

When it comes to millennials, “Most are still in the workforce. Some are going to have children, some don’t have children, they’re married, they’re not married, many are from broken homes. They have so much of what I call chaos all happening at the same time,” Webster said. 

Consequently, millennials are extremely concerned about schools since they’re likely to have school-age children. They also want open floorplans that allow for family interaction, energy-efficient features and community spaces. A major challenge you will face with millennials is their ability to understand other generations. 

“They just don’t always understand or can really wrap their heads around how other generations are different, especially when it comes to what boomers are facing. They believe that because the boomers have Social Security, they have enough income to live on.” Webster said. 

“Many younger millennials still have parents who are working. They’re not as connected to their grandparents as other generations, since they moved away from home at a more frequent rate — boomers moved out but didn’t go far from home.”

In the meantime, Gen X is often balancing family life with their own transition toward retirement. Their homebuying needs are varied, from downsizing to finding homes with enough space for college-aged children returning home. 

Gen X is the generation that has the highest percentage of divorced parents. In many cases, they were “latchkey” kids, where their single parent was working, and they had to figure out how to do stuff on their own. 

Gen X is going to be somewhat traditional in the sense they want to know about the typical types of questions Realtors normally ask, such as what bedroom-bath count they want. However, it’s important to dig deeper because one of those bedrooms may be used as an office or for some other purpose. 

Key questions to ask each generation

To provide exceptional service and truly connect with your clients, you must know the right questions to ask. Each generation has its unique set of concerns, and asking the right questions can be the difference between closing a deal or losing a client.

One question you should always ask your buyers, regardless of their age is what their budget is. Note, however, that younger generations often consider whether they can earn more money and have flexibility. On the other hand, boomers often lack flexibility because they’re relying solely on a fixed income. 

Gen Z buyers

• Do you need space for a home office or flexibility for future needs?
• Are you looking for eco-friendly features like solar panels or EV charging stations?
• How important is walkability? Do you prefer being close to public transportation or biking trails?

Millennial buyers

• What school districts are non-negotiable for you?
• Is an open floor plan home important for your family gatherings?
• Are smart home technologies, energy-efficient appliances and sustainable features important to you?

Gen X buyers

• Is this your forever home, or will you be considering a move, perhaps to downsize in the next 5-10 years? If so, would you prefer a home that is ADA compliant (i.e., single level, can accommodate a wheelchair and/or live-in care)? 
• Do you need space for multigenerational living, such as a guest suite or an ADU? 
• If you are downsizing, will you need additional space if your children return home? 

Boomer buyers

• Do you want to be in a 55+ community with medical services nearby, or would you prefer to be in a more traditional neighborhood?
• Is proximity to healthcare services or family members a significant factor in your decision-making process?
• Would you prefer a low-maintenance home with fewer stairs, easy-to-clean features and ADA compliance?
• If you are “right-sizing” (rather than “downsizing”), how much space will you still need for hobbies and guests?

Given how different each generation is, understanding their similarities and differences is more important than ever. Educate yourself on what each generation values most, seek to understand their unique needs, and then adjust your approach to what fits best for your clients. That’s the secret to successfully selling to every generation now and in the future. 

Bernice Ross, president and CEO of BrokerageUP and RealEstateCoach.com, and the founder of RealEstateWealthForWomen.com is a national speaker, author and trainer with over 1,500 published articles.