With the purchasing power of Millennials reaching its peak and Boomers still maintaining a strong presence among consumers, the demands and desires of these two generations are hot topics in home construction. The Boomer population is projected to drop from 74.9 million to 16 million by mid-century and the Millennial market is currently at 83 million and entering its peak consumption years. So these are two groups to pay close attention to.

The good news is that these dominant generations have very similar needs! Highlighted below are four influential factors that affect the lifestyles and purchasing choices of both Millennials and Boomers.

Factor one: ease of life

Millennials and boomers are at a stage in their lives where they want to focus less on “things” and more on themselves. This minimalist approach has traded the “keeping up with the neighbors” mentality for a lifestyle that allows them to “have more fun than the neighbors.” To address this desire, here are ease-of-living features to consider when building homes for Millennials and Boomers:

• Quality over quantity. These discerning generations are looking for a home that has a smaller footprint with well-designed spaces.

• It is important that the “lifestyle triangle” of a home is carefully designed. This is the flow and function of the kitchen, dining room, and great room.

• Have you previously planned the personalization of the space? Instead of a pantry off the kitchen, these buyers may want the flexibility of installing a laundry room or technology center. Giving them the ability to modify a floor plan is a standout selling feature for both Millennials and Boomers.

• Low maintenance selections are a must! Consider solid-surface countertops that won’t chip or stain (quartz, quartzite), large-format tile, and easy-to-maintain flooring (luxury vinyl, laminate, wood-look tile).

• Natural lighting, produced by strategically placed large windows, allows a smaller space to appear larger and provides plenty of light.

• By layering artificial light sources (overhead, recessed, lamps, under/over cabinet), millennials and boomers have well-lit spaces even on cloudy days or at night.

Factor Two: Experiences

As Boomers are proving to be healthier and wealthier than previous generations, they are gravitating toward spending their hard-earned money on experiences rather than material goods, just like today’s Millennials. As this “age of experience” is driving the demands of these two generations, homebuilders must rethink their products to highlight this growing lifestyle trend. To satisfy the desire for “experiences over things,” address the following when building homes for Millennials and Boomers.

• For these two target markets, the kitchen has become THE place to experience food, drink, entertainment, and friends. Create a kitchen Millennials and Boomers are sure to gobble up with features like a large island with seating (possibly a double island), a “messy kitchen,” and storage ideas like beverage centers, wine cabinets, pantries, and cabinet systems.

• Millennials and Boomers crave the experience of an outdoor space where they can relax, retreat and entertain. (Notice the entertaining theme?) Carefully market outdoor areas as “livable” square footage with additions to accommodate kitchen/dining, lounging, and entertaining. Windowed walls, as well as a continuation of flooring and styling, create a seamless flow from interior to exterior spaces.

• A home, like a community, must address technology as a key demand for Millennials and Boomers. After all, they want to be able to “publish” their countless experiences!

• A spa-like master bath is a haven for owner’s relaxation and retreat. It’s all about the shower, storage, and potential add-ons such as a spa glass, no-step entry, linear drain, rain and handheld showerheads, as well as plenty of natural and artificial light.

• For these dominant generations, the comforts of the community are just as important as the actual home. Features like location, catering kitchens, fitness, public and private spaces, outdoor living, and community activities produce a social environment where experiences can thrive.

Factor Three: Organization

The saying “smaller, but smarter” has never been more true for these buyer profiles, as they gravitate towards a home with thoughtful function and ample amounts of storage. These shoppers are drawn to the “age of experiences,” and the organization helps them fully embrace this adventurous trend. To satisfy the desire for organization, it is important to consider the following characteristics.

• The more storage, the better! Features such as walk-in closets, pantries, and attic and garage storage allow these homeowners to hide their “stuff” and focus on themselves. Cabinet systems, as well as an abundance of shelving, within these spaces create a variety of clever storage capabilities.

• Millennials and Boomers don’t want wasted space. When it comes to extra storage, it’s important not to overlook the unused nooks and crannies. Whether it’s an under-stairs bookcase or even a small pull-out cabinet for storing spices, these thoughtful design details are standout sales items that truly resonate with these shoppers. Places to focus on these creative storage ideas are high “drop zone” spots, such as the owner’s entry and laundry room, as well as kitchens and bathrooms.

• Mops, vacuums, blenders, juicers, tennis rackets, bikes: Millennials and boomers have plenty of items that need a “place to call home.” Even designating an area for four-legged friends to sleep, bathe, and eat is a unique selling point that appeals to these dominant target markets. Be sure to think about how they live when determining storage spaces.

Factor four: individuality

Millennials and Boomers don’t want to miss out on the chance to show off their unique taste and smart style, especially when hosting friends and family. It is important to stay on top of current trends and offer them to these buyers. See how individuality can be achieved by focusing on the following characteristics.

• In a consumer world dominated by designs seen on Houzz, Pinterest and HGTV, Millennial and Boomer shoppers are drawn to a wide and up-to-date variety of selections. As trends continue to rapidly change, these discerning demographics want the next “cool” thing. With this in mind, builders need to be more style-savvy than their consumers and reevaluate selections each year.

• Today’s Millennial and Boomer dream is a relaxed yet elegant sanctuary that speaks to space efficiency and livability. Flexible multi-use spaces can accommodate the diverse priorities of these two generations while allowing them to highlight their preferences and personality. Whether it’s a man cave in the basement, a craft room in the loft space, or simply a bonus room that can act as a study or guest suite, flex spaces greatly appeal to these buyers’ aspiration for individuality.

• Well thought out marketing can truly “sell the dream.” By understanding the desires of millennials and boomers, project location, and overall budget, interior marketers can create a home design that excites potential buyers. These target markets want clean, simple products with added pops of color. And, by emphasizing flow, function, and flexibility with furnishings, a model’s marketing can be the most prominent selling feature that allows these buyers to visualize how the home meets and exceeds their expectations.

As Millennials enter the market in significant numbers and Boomers continue to spend a lot of money on housing, the comparable needs of these dominant demographic groups are the primary drivers in home construction. Do not miss the opportunity to address the demands of these two generations by recognizing and acting on the four guiding factors: ease of life, experiences, organization and individuality.