What do Millennials, the laidback digital natives dubbed Generation Me by social scientists, have in common with the driven, disciplined Baby Boomers who spawned them? Quite a bit when it comes to lifestyles. As Boomers downsize and Millennials finally enter the real estate market, both generations are gravitating towards the same type of housing: multifamily homes in vibrant urban areas.

Ironically, Boomers are opting out of large, high-maintenance homes at the same time their budget-conscious Millennial children are finally buying first residences. Both generations want smaller dwellings in culturally rich cities and suburbs , with restaurants, shopping, services, entertainment and public transportation nearby, notes realtor.com. Multifamily condos fill the bill for both groups.