Five things millennials want in a house
Millennials are now the largest generation in America, representing a whopping 75.4 million of the total population.
With such a large number of millennials entering the job market over the next several years, it’s no surprise that their impact is beginning to be felt in real estate.
Here’s the thing, while it’s true that millennials make up a majority of first-time homebuyers they tend to wait longer to make the leap into homeownership. Plus, any REALTORS® who have worked with millennials know that their housing preferences are at times a bit different than the preceding generation’s.
If you want to get your share of the millennial real estate market then you would be wise to keep some of these things in mind:
Millennials are usually budget-conscious, especially when it comes to buying a big-ticket item like a home. Many have racked up college loans and are busy working their way up the wage ladder. As a result, many don’t get to save as much as their baby-boom parents. These factors lead them to search for the house or condo that makes the most sense financially for them — and they’re willing to wait for the perfect investment. Whether that means delaying the home search process or possibly purchasing a fixer-upper, they’ll make sure their money is well spent.
Location is one of the top factors for most people when selecting a home, but it’s especially important to this group. Millennials value proximity to work and easy access to shopping, dining and entertainment venues. For instance, an old neighborhood that is in transition and beginning to see hip, trendy shops and cafes sprout up is a good spot for millennial couples.
Open floor plan
Say goodbye to kitchen walls and the formal dining room! When it comes to a house layout, an open floor plan is appealing to millennials. Why? Fewer walls make it easier to socialize between kitchen and great room, creating a free-flowing interior for conversations or watching the latest hot show on Netflix.
You probably guessed this one already — millennials love their technology. They grew up playing Mario Kart and Pokemon and now they do everything on their smartphones. While their home doesn’t have to be like a scene out of Star Trek, it needs to be adaptable to their love of gadgets. That means having plenty of wall outlets in every room to accommodate their plugged-in lifestyle and having excellent Internet broadband and cell phone service. Any type of smart gadgets that come with the home would also be a nice bonus.
Sustainability is of high importance to the millennial generation. Saving energy leads to saving money and also helps the environment. Energy-efficient appliances are one of the easiest ways to incorporate sustainability. Other ways to save include energy-saving lighting, tankless water heaters, better insulation and a smart thermostat. The key selling point is to speak to a home’s existing sustainable features or talk up the potential for making an investment in sustainable technology.