Compare the tastes of a twentysomething and a septuagenarian on any topic and you'll likely find that they differ considerably. Yet a recent report by the National Association of Realtors finds that millennials share many homebuying characteristics with their grandparents' generation.

In its 2020 Home Buyer and Seller Generational Trends report, the National Association of Realtors collected 5,870 responses from people who purchased a primary residence between July 2018 and June 2019. The survey consisted of 125 questions related to topics such as the qualities of the home they bought, how they found the property, and how they financed the purchase.

One of the most pronounced similarities between younger millennials (ages 22 to 29) and the silent generation (ages 74 to 94) was a desire to find a neighborhood close to friends and family. Fifty-three percent of each generation said this factor was a high priority in choosing their home. The share fell to 48 percent among older baby boomers (ages 65 to 73), 39 percent among older millennials and younger baby boomers (ages 30 to 39 and 55 to 64, respectively), and 32 percent among Generation X (ages 40 to 54).

"The silent generation—older Americans who are typically grandparents and great-grandparents—for years have prioritized living near family and other loved ones," said Lawrence Yun, chief economist at the National Association of Realtors. "But it was surprising to see younger millennials with homebuying preferences and ideals similar to older segments of the population."

Younger buyers prioritized certain factors more than older ones. Among younger millennials, convenience to a job was most likely to influence a neighborhood choice with 74 percent saying this had played a part in their home choice. The share fell to just 3 percent among the silent generation. Younger buyers were also more likely than older ones to purchase a previously owned home because of a more affordable price.

However, younger buyers and older ones often shared an interest in the amenities of new home construction when purchasing this type of residence. Twenty-five percent of millennials said they were drawn to a new home for this reason, compared with 24 percent of older baby boomers and 28 percent of silent generation respondents.

Younger millennials were most likely to purchase a home as part of an unmarried couple. While unmarried couples made up just 9 percent of all buyers, including 3 percent of older baby boomers and silent generation respondents, the share stood at 21 percent among younger respondents.

Single women were more prevalent among older buyers, with 22 percent of older baby boomers meeting this definition. The report suggests that factors affecting this share include larger numbers of older divorcees and widows entering the market along with unmarried women.

For the seventh consecutive year, millennials made up the largest share of buyers among all generations. This group made up 38 percent of purchases, and were most likely to favor previously owned homes or townhouses.

"For several years now, millennials have shown that homeownership is important to them," said Vince Malta, president of the National Association of Realtors. "Their reasons vary: some are starting families, others are caring for aging parents, while others found that buying a home was decidedly cheaper than renting."

Nearly all millennials financed their home purchase, while the share dropped to 69 percent among older baby boomers and 52 percent among silent generation respondents. Savings were the most common source of money for a down payment among all generations except the oldest ones, with older baby boomers and the silent generation more likely to use proceeds from the sale of a former residence. Twenty-seven percent of younger millennials and 20 percent of older millennials used a gift from a relative or friend to help with their purchase.

Debt was more likely to delay home purchases among Gen Xers and older generations. Forty-four percent of Gen Xers said debt had delayed their home purchase by more than five years, along with 45 percent of older baby boomers and 55 percent of the silent generation. Among those who reported difficulty saving for a down payment, 38 percent of Gen Xers blamed credit card debt while 76 percent of older baby boomers and 89 percent of the silent generation cited unspecified "other" expenses.

Gen Xers were also most likely to have a mortgage application denied, with 7 percent reporting this experience compared to 5 percent among all buyers. While most generations were rejected only once, those in the silent generation who said their mortgage application had been denied reported that they had been turned down a median of three times.

In addition, Gen Xers were slightly more likely than other generations to say they had wanted to sell their home earlier but had to wait because the mortgage exceeded the property's value. Ten percent reported this situation, compared to 8 percent of younger millennials and 7 percent of older millennials, the next most likely generations to experience this problem.