One third of the housing market in the United States is made up of millennials. Additionally, millennials make up two thirds of first-time homebuyers, and are the biggest generation in today’s world. Even though millennials are leaving their mark on the housing market, it’s not in the traditional sense. Gone are the days where the goal is to get the house with the white picket fence in the suburbs.
Below are three recent millennial real estate trends.
Location is easily one of the most important things when it comes to millennial homebuyers due to the generation’s work ethic. On top of that, technology makes it possible for them to work twenty-four hours a day, seven days a week.
For example, a typical millennial may hit the office for the usual nine to five. But then afterwards, it’s not uncommon for them to maintain a website, freelance service, or side-gig for additional income. Then, they’ll answer some work emails later on at night. Because of this, millennials want to cut down on commuting. Not only do they want to be close to the office, but they also want to be close to their kid’s schools, parks, and downtown..
If anyone’s ever taken a millennial to check out a house that’s for sale, it’s guaranteed they were on their phone during the showing. Whether it be to send a text, take a few pictures, take some notes, or whatever else – millennials love the latest technologies. Therefore, millennials value what kind of cell phone reception they’ll get in the house, if there’s a lot of outlets conveniently placed, and if they have access to high speed internet. These are things that homebuyers rarely even thought about just ten years ago.
Given how tech-savvy a majority of millennials are today, a house that caters to this skillset and general interest is one that will attract a younger market. Smart home features such as high-tech kitchen appliances, electric thermostats, and modern-day security cameras are just some of many things a millennial on the housing market may value.
3) Open Floor Plan
Instead of privacy, millennials value an open floor plan. They’d prefer to be able to work from the kitchen counter and watch the kids in the living room rather than lock themselves away in an office. One study even found that over one third of millennials prefer a house that’s just one floor.
Millennials are the largest generation, the majority of first-time homebuyers, and a third of the United States’ housing market. Their wants in the home are sure to have an effect on the housing market for many years to come.