The market for millennial home buyers may have seen a rocky few years, but many young people remain optimistic about one day owning their own home. In fact (and this may be hard to believe) nearly one half of the current home buying market is under 36-years-old. So what else do we need to know about the desires and expectations of those millennials buying homes? Here are at least six ways to tap into their unique interests and plan for millennial home buying trends.
In some ways, their tastes are simpler. They seek smaller homes with lower ecological impact. They are also into more open designs that can work better for multiple purposes, including entertaining friends and hosting extended family. Price is not necessarily an issue here either – they may be willing to pay more for a smaller square footage if there’s the technology and amenities they want. Low required maintenance, especially of the building envelope and interior spaces is a key part of this. It is important to remember is that big lots are not the selling point they once were.
But first, many millennial home buyers don’t fear the challenge of a fixer-upper. Inspired, perhaps, by the can-do DIY spirit of the instructional YouTube video era, millennials are taking up the task of improving their homes. Redoing floors, finishing bathrooms and kitchens, and outdoor landscaping tasks don’t intimidate them, nor does the idea of living in the mess for a while they finish the project. Younger buyers typically see at this as an opportunity to save money on an initial purchase and then restore something to a classic beauty. It’s a great advantage for sellers, as they can make the choice to hold off on improvements, sell as-is, and let the new owner handle the work themselves.
Keeping with this frugal mindset, millennials buying homes are also eager to see more options that will let them use energy as efficiently as possible. Not only do they look for certain advances like smart thermostats and lighting systems, but they may be interested in geothermal heating, solar panels, and low power appliances. They want good insulation and prefer sustainable materials (like bamboo and glass).
New Love for Landscaping
Millennial home buying trends indicate there is also a strong resurgence among some people in their twenties and thirties in gardening. Yards with landscaping installed or future opportunities to do so often go over well. They are not just into flowers and decorative plants, but even vegetable gardening and, where it is allowed, urban farming. It is always a great selling point for the right person.
In addition to eco-conscious green spaces, millennials are also drawn towards properties with open, multi-functional appeal. They want space for activity, not useless hallways and closed off rooms. Having friends over for board game night or a dinner party is really coming back among this new generation of homeowners. However, they do not want a separate dining room. They want open, eat-in kitchens so people can cook, dine, and socialize all in the same area of the home.
Home Technology Takeover
And of course, millennial home buyers also want easy access to all their technology. Lots of outlets are important, as is home WiFi. Many kitchen and office spaces are building USB charging ports directly into appliances and walls. Millennials buying homes appreciate a thoughtfully wired space, with room to build out a home entertainment, studio, or workspace.
This means they want their appliances, their thermostat, and their home information systems to all sync together seamlessly. They want to use their phone or tablet device to control home heating systems, the lights in independent rooms, and be able to communicate with smart appliances to start a coffee maker or run the dishwasher. These home automation systems also provide greater security, which is an additional perk for new or intending parents.
Millennials, like every generation before them, remain eager to buy property and participate in the housing market. Their needs and wants may be slightly different, but when the right home comes along, these young buyers will eagerly make an offer.
READ MORE: The Future of Smart Homes