When asked what types of homes they would like to purchase in the next two years, 47% of respondents mentioned that they are interested in three-room apartments, 41% are inclined toward two-bedroom homes, 19% would consider four-bedroom homes, while only 11% would buy a studio apartment, and 8% a home with more than four rooms, according to the most recent study conducted by Storia.ro, the real estate platform launched by OLX.

Increased Interest

Most respondents under 26 years old (Generation Z) and those between 43 and 58 years old (Generation X) have a heightened interest in purchasing two-bedroom homes, while the majority of those between 27 and 42 years old (Generation Y) and those over 59 years old (Baby Boomers) would consider three-bedroom homes.

59% of study respondents expressed interest in an apartment (67% among those under 26), while 41% specified they want to purchase a house (60% among those over 59).

Regarding the year of construction of the homes, most respondents would like to buy homes built between 2001-2020 (53%) or between 1977 and 2000 (48%). Additionally, 12% of respondents would consider homes built before 1977 or after 2021 (36%).

The data shows that the "Work from home" phenomenon is balanced post-pandemic, as 47% of respondents say they do not work from home, while 42% still work from home occasionally, often, or very often.

Regarding the method of payment for the property, 47% of respondents said they would pay for it through a bank loan, 41% would pay in cash, and 12% would make installment payments directly to the developer.

"As the recent study shows, the majority of respondents from Generations Y (59%) and Z (49%), aged up to 42 years, plan to make real estate purchases with the help of a bank loan, while those over 43 years old, from Generation X (55%) and Baby Boomers (82%), prefer to pay for a property in cash. Interestingly, the percentage of those willing to allocate from 90,000 euros to over 300,000 euros for a home is notable. In this category, which invests the most in a home, 43% are from Generation Y (27-42 years old), 34% from Generation X (43-58 years old), 30% from Generation Z (under 26 years old), and 25% from Baby Boomers (over 59 years old)," said Monica Dudău, Marketing Manager at Storia.ro & OLX Imobiliare.

Budget for Real Estate Purchase by Generation

When asked about the budget they would consider for purchasing a home, the majority of respondents from all four analyzed generations mentioned a budget of up to 50,000 euros, followed by a budget ranging from 51,000 to 70,000 euros.

Analyzing responses by age categories, it is observed that those from Generation Z (under 26) would consider a budget of under 50,000 euros (45%), 31% are looking at a budget ranging from 51,000 to 70,000 euros, and 19% would consider a budget between 70,001 and 90,000 euros.

Respondents from Generation Y (27-42 years old) equally consider a budget of under 50,000 euros (31%) and a budget ranging from 51,000 to 70,000 euros (31%), while 21% mentioned that their budget would be between 70,001 and 90,000 euros.

Those from Generation X (43-58 years old) mentioned a budget of under 50,000 euros in 37% of cases. 29% of respondents from this age group would allocate a sum ranging from 51,000 to 70,000 euros, while 19% would consider a budget between 70,001 and 90,000 euros.

Respondents over 59 years old, part of the Baby Boomers generation, said that they would consider a budget of under 50,000 euros in 45% of cases, while 22% would allocate a budget ranging from 51,000 to 70,000 euros, and 14% would have a larger budget, ranging from 70,001 to 90,000 euros.

According to all the extracted data, respondents from Generation Y (27-42 years old) allocate budgets starting from 90,000 euros and up to over 300,000 euros in 43% of cases, followed by those from Generation X (43-58 years old) at 34%.

Prioritized Criteria for Romanians When Purchasing a Home

For those under 26 (Generation Z), the most important criteria for choosing a neighborhood are safety (chosen by 65% of respondents), cleanliness (57%), and the availability of public transportation (56%).

Generation Y (27-42 years old) classifies safety (74%), cleanliness (66%), and peace and clean air (63%) as the most important criteria when choosing a neighborhood.

Generation X (43-58 years old) considers safety (72%), clean air and the neighborhood's peace (68%), as well as cleanliness (63%), to be the most important criteria when choosing a neighborhood.

And those from Baby Boomers (over 59 years old) consider clean air (71%), peace, green areas, cleanliness, and safety (66%) to be the most important when choosing a neighborhood.

The top three criteria for interior space are the same for all generations analyzed and include a quality electrical installation as the first priority, followed by a quality plumbing installation, and the presence of a central heating system.

Generations and Housing Compromises

The youngest respondents, Generation Z (up to 26 years old), mentioned that they would be willing to compromise on the desired floor (42%), interior design style (41%), and distance from friends or family (39%). Millennials (27-42 years old) would be willing to make concessions regarding the distance from friends or family (36%) and the desired floor (34%). They also mentioned that they would be willing to compromise on the initial criteria regarding the age of the home (34%) and the home's size (32%).

On the other hand, those from Generation X (47-63 years old) would be most willing to increase their initially allocated budget (32%). Respondents over 59 years old mentioned that they would compromise on the home's size (40%) and the layout and age of the home, both selected by 32%.

The questionnaire was published online on Storia.ro and OLX Imobiliare in July-August 2023, and responses were collected from 1,035 respondents nationwide.