The home market is not what it used to be. As the millennial generation increasingly becomes the largest generation of living humans, research finds that they aren’t buying houses like their predecessors of Gen X and Gen Y. This can be due to a vast amount of reasons; millennials are living with their parents for longer periods of time, their renting apartments more than they are buying homes, and they are not settling down in one location for long periods of time.
When millennials do decide to settle down and purchase a house for themselves or their families, there is a common theme of what they are looking for in the decision. Here is a list of some of the most common wishes that millennials have for their homes.
Millennials are much more casual than the previous generations, so the thought of formal dining or living rooms isn’t one that peaks their interest. The young buyer today is really looking for a nice open-floor plan where they can move from kitchen to living room to dining room, with ease. Millennials love to entertain guests and they don’t want to be cut off from them by being closed off in a different room.
Protecting the environment is usually high on the list of personal interests for this young generation. Having the potential home decked out with energy efficient appliances and recycled materials is sure to catch the eye of the millennial buyer. In particular, Millennials are looking for repurposed flooring, bathroom amenities, and furniture.
This generation is said to be on the move all the time, so having a home with a lot of repairs or upkeep is not what they are looking for. Millennials prefer low maintenance homes that usually come with small to no outdoor space, and updated appliances. Working late hours and having tons of activities on the weekends, millennials don’t have time to be keeping up with the demands of a normal home. The bottom line here is to keep the outdoor space small and easy to manage, and having the best appliances and amenities inside to make sure they last for a long time.
Technology is at an all time and high and continues to grow and change every year. Millennials are the first to get involved with the new trends and advances that are coming out. Having a home stocked with new and improved technology is easy to gain the interest of a millennial. At least having the home prepared to make these changes can go a long way.
This is the last on this list of wishlist items, but it most definitely is not the least. In fact, this may be the most important thing to consider when it comes to millennial home buyers. Millennials will take a look at the location for a couple of different reasons, rather than is it close enough to work. While being close to work is still a factor that gets weighed in, there are other reasons the location of a home can affect their buying decision. One of the reasons that most people may not think of, is internet and cell service. Millennials are often referred to the generation of instant gratification, and this saying is not far off. Having a good cell reception and internet connection is going to go a long way with where millennials decide to purchase a home.
It is also important to weigh in how close to public transportation and how nice the area is for these buyers. While many of them want to be close to cities to experience the rush of city culture, many of them are raising families and want to make sure the environment is good for their children.
While millennial buyers are different from their previous generations, they are the future, so it is important to be aware of what they are looking for in a new home.