Millennials are currently the largest percent of home buyers, sitting at 37% of the buyer population. With such a large age bracket hitting the real estate market, they have a great influence on trends and demand. There are a few key aspects this demographic is searching for in a home.
Open floor plans
While millennials rank as the largest buyer segment, they are not so highly classified in household income. This being said, they want to make the most out of the space, particularly in entertainment spaces. Staging homes with bar stools and kitchen islands will likely appeal to these potential buyers
Updated kitchens and bathrooms
In most cases, younger millennials have been saving their funds for a hefty down payment and are not budgeting extra funds for renovations. Finding a house with updated move-in-ready features are high up on the “want” list!
Vintage and European designs
In the face of growing up in a technology driven digital age, millennials have a considerably aged design approach. Mid-century, Mediterranean, pre-WWII architecture have made a stylish comeback along with herringbone flooring and art deco inspired elements.
Regardless of the desire for old fashioned structure, millennials still want to hold onto the convenience of smart home technology. From smart thermostats to doorbells, having remote control is a key feature to incorporate. Energy efficiency is also a winning attribute wherever possible as this generation is growingly more environmentally conscious.
Commuting time and cost are one of the most important considerations for millennials, whether the cost be in currency or environmental. Additionally, this age group is very interested in having a sense of community and belonging within the neighborhood. The younger subset of this population is opting to buy urban houses or condos with roommates to share expenses, whereas those on the older end are looking to move towards the suburbs
Pets have become increasingly more important to millennials as an alternative to starting a traditional family. Very frequently they are checking to make sure condos are pet-friendly and asking about weight or other restrictions. When it comes to single-family homes or townhouses they are looking to have a yard, ideally already fenced in, for their dog.