Sometimes labeled as “Generation Y,” Millennials are people born between the early 1980s and the early 2000s, and have surpassed Baby Boomers as the largest generational group in America. And while they have been delaying buying homes and having kids, the latest research shows that Millennials make up 36% of all home buyers. Insight into what Millennials are looking for—and not looking for—in a home, will go a long way towards attracting these buyers.
Affordable The fact is that Millennials have been faced with negative economic conditions throughout their life, which means they are now facing student debt expenses and increasing housing prices. There is a need, then, for their homes to be affordable, which oftentimes leads Millennial buyers to purchase smaller homes.
CharmingThis younger generation seems to embrace things from the past. While they want top-of-the-line finishes and features, they are drawn to the uniqueness and charm of older homes or new homes that capture some of these historic qualities. The three hottest styles and touches that millennials are searching for are mid-century modern, pre-war details, and Mediterranean style.
UpgradedWhile they may be happy in a smaller home, Millennial buyers want—and expect—upgrades throughout the home. They want stainless steel appliances, hardwood floors, and granite countertops. Other trending features include open floor plans, energy efficiency, in-home office spaces, and smart home technology. And don’t forget pet-friendly!
Turn Key Millennial buyers have spent a significant portion of their lives watching remodeling shows, and fully expect to move into a home that resembles the “after” home. Busy professionals, Millennials are not interested in a lot of home projects, but rather want to be able to move into a home that requires little to no work.
WalkableMore and more Millennials are moving to the suburbs, but they still want to live within easy access to cities and within walkable communities that boast lively downtown areas. They also enjoy having communal spaces like clubhouses, parks, and bike paths, which help build a sense of community and provide built-in entertainment.
While their entry into the housing market may be a bit later than previous generations, Millennial buyers are now a force to be reckoned with—and understood—in real estate. At Homewood Homes, we offer a variety of home plans to fit every generation, in communities throughout Central Ohio, and a design team to help you create a home that fits your lifestyle. Contact us today to learn more.
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