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The top real estate trends for millennial homebuyers may just surprise you.
Like the generations that preceded them, this youngest age group is entering the housing market with an eagerness to find the perfect residence to fit their unique lifestyles. And just as every generation has its own preferences for fashion and music, this new generation of homeowners has vastly different expectations than buyers of the past.
Here are ten of the most sought-after features millennials seek in their search for the perfect home sweet home:
- Energy efficiency. Millennials are particularly concerned with their impact on the environment, so it makes sense that they place a great deal of importance on finding a home that will have a minimal carbon footprint. Think UV-protected windows, programmable thermostats, ENERGY STAR® rated appliances, low-flow shower heads and upgraded insulation.
- Opportunities for customization. One-size-fits-all won’t cut it with these folks. Millennials want a house that expresses who they are. That’s the main reason why custom homes have become so popular with this generation. Although they are frequently more expensive than production or existing houses, custom homes offer endless floor plans and customizable options to reflect individual preferences and unique needs.
- Room for a home office. The millennial workforce is a mobile one, and it’s transforming both the workplace and the housing market. Today, millions of Americans work exclusively from home, and many more are given the option to telecommute several days per week. With this shift, potential homeowners want to be sure there is a suitable workspace for an office.
- An open floor plan. Younger buyers shun the room-and-hallway divisions of the classic American house. For them, the fewer walls that exist between the kitchen, dining room and living room, the better. The open floor plan also provides more natural light, which is very important to this young generation.
- A separate laundry room. A 2017 survey conducted by RIS Media revealed that a dedicated laundry room tops the home feature wish list for millennials. Fifty-five percent said they wouldn’t buy a new home that didn’t have a separate laundry room. They also ranked storage as a must-have laundry room feature.
- Home automation. Millennials check everything online, so they love lightning-fast Internet speeds and plenty of GFCI outlets. A 2017 study by Schlage and Wakefield Research found that 86% of millennials would be willing to pay as much as 20% more for a smart home with automated features such as lighting controls, smart locks, smart thermostats and video surveillance.
- Furnished homes. This generation moves frequently and often to great distances, so a fully furnished home holds plenty of appeal. Major appliances such as a refrigerator, stove, oven, dishwasher, microwave, washer and dryer are just the beginning. Sofas, tables, chairs, beds, mirrors, and even curtains are all desirable extras.
- Low maintenance. To millennials, maintenance is a four-letter word. These budget-conscious young professionals don’t want to sink their money into housing upkeep or repairs. And forget about doing chores all weekend. Millennials say that work and family are their top priorities, so vacuuming the carpet, waxing the floors and cutting the grass have to take a back seat. They’re in search of low-maintenance finishes and surfaces like stone countertops, engineered wood floors, and black stainless steel appliances.
- Modern kitchen and bath. The primary reason millennial buyers seek updated kitchens and baths is because they have limited budgets. Most of their savings is typically allocated to cover the down payment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, and younger homeowners can’t afford to devote a lot of funds into those renovations.
- Outdoor entertaining space. According to a 2018 survey from Better Homes and Gardens, three out of four people under the age of 35 said outdoor spaceis important for entertaining, and 51 percent said they dream of having an outdoor kitchen sink, cooktop, refrigerator and grill. Decks, patios and porches are sought-after features for these young homebuyers.
Comprising nearly 40% of homebuyers, the millennial generation has emerged as a dominant force in today’s housing market.
They demand smart, stylish homes that enable them to connect with friends and family while reflecting their individuality. To learn more about the most appealing home features for millennial homebuyers or any other demographic, please reach out to our helpful, knowledgeable team.
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