At 36%, millennials now constitute the largest share of home buyers in the US. Additionally, 65% of these buyers are purchasing a house for the first time. This demographic is composed of people born between 1981 and 1996 – which would make them between 23 and 38 years old in 2019.
With their increased economic clout, millennials are forcing industries and companies to adjust to their needs and goals.
So, what do millennials want?
When it comes to real estate goals, millennials are markedly different from the generations that preceded them, namely Generation X (1965-1980) and Baby Boomers (1946-1964).
For instance, older buyers aspire to large, sprawling properties. By contrast, millennials are less interested in larger lots than they are in homes that are closer to their workplaces, in urban areas if they have the means, or in smaller nearby cities where home prices are more affordable.
This isn’t the only factor that distinguishes millennials from the older generation. Younger buyers are also very particular when it comes to the architectural style and environmental impact of their homes.
Here are some of the other things millennials look for in a home.
Sustainability is defined as “the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.” Applied to real estate, this means choosing homes with eco-friendly features such as solar roofs, green housing materials, and home systems that regulate energy consumption. Aside from favoring sustainable homes, millennials are just as keen on supporting the community they live in. Therefore, it helps to have the house located in an area with small, local enterprises younger homeowners can patronize.
- Low maintenance
Given the pace of life nowadays, millennials are looking for turnkey-perfect homes that are efficiently designed with minimal upkeep.
- Classic designs with a twist
While sleek and simple interiors are favored by millennials, they are just as enamored by the idea of rustic living. Traditional homes with artisanal touches or natural elements fit the bill.
- A sense of architectural history
In lieu of rustic touches, millennials are going all-out on homes with classic designs such as Victorian, American Craftsman, Mediterranean, and Mid-Century Modern. This might sound contrary to the idea that millennials’ tastes are different from their older counterparts. But what younger buyers are looking for is the charm, history, and architectural heritage classic homes evoke.
- A home they can renovate
If millennials can’t tick every box on their real estate wish list, they want the option to be able to do so in the future. Thus, millennials are willing to look past the perceived negatives of a home – bad wallpaper, outdated carpeting – because they’re willing to put in the work to correct these flaws. It’s also okay for them to purchase a home that’s well below their budget because they can use the money they save to renovate the home to their liking.
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