Born between 1980 and 1995, the Millennial Generation (also known as Generation Y, because it comes after Generation X), is now prime homebuying age. According to the National Association of REALTORS,® 49 percent of homebuyers 36 years and younger have children under the age of 18, 66 percent are married couples, 17 percent are single women, and 13 percent are unmarried or non-traditional couples. Social media, technology, and demographics are pushing trends faster than any other time in history, says the National Association of Home Builders (NAHB). Millennials tend to be savvy, informed consumers. Even first-time homebuyers have more information available about the housing market than previous generations.
So, what are Millennials looking for?
With idling wages and student loan debt on the rise, saving for a down payment can be difficult. This means that there may not be a lot of cash left over after closing to make updates, so Millennials are looking for homes that are fully updated and ready to move into. At the top of Millennials’ wish lists are updated kitchens with new appliances.
Millennials want their personal space, defined. In 2016, Northshore Fireplace commissioned a unique study on 1,000 millennials, representative of all 50 states, and large master bedrooms were almost three times more popular than having an acre or more of property.
As they grow with their families, millennials seek suburban homes built with quality materials and sustainability in mind. Eight-foot ceilings are back in vogue for this group, as they prefer to minimize their ecological footprints. Millennials may choose older homes for their prices compared to new homes, but they want the homes as updated as possible.
Millennials want clean, contemporary lines and are willing to sacrifice space for style. Lack of ornamentation is intentional, says the NAHB, so sellers marketing to millennials should clear away clutter and excess furniture.
More and more Millennials work from home, so it’s not surprising that they prioritize having space for a home office, with good Internet and cell service.
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