Millennials are starting to buy homes more and more. In fact, according to the National Association of Realtors, millennials comprise the largest share of home buyers today. They know what they want, and they have it on their radar. They’re generally not interested in traditional formal rooms such as dining rooms, or even a bunch of small rooms at all. Overall, they prefer houses that offer a better flow. This means open concepts are very popular with millennials right now.
They want to make it as easy as possible to navigate from room to room, and from inside to outside, for both themselves and their guests. And they want at least three bedrooms and two bathrooms.
Generally, millennial home buyers want these three things when looking for their dream home:
- Affordability and space
- A sense of community (think: urban areas)
1. Affordable, Spacious Homes – The Great Recession and stifling student loan debt has left many millennials looking to pinch their pennies. While they want to live in the city, they are moving into the suburbs because it’s more affordable. They will settle for small houses if they can save on their monthly mortgage.
By the same token, they want more space, specifically when it comes to big backyards where their pets, kids and guests can gather. To achieve more space inside, despite having smaller homes, millennials want open floor plans that provide smoother flow.
Many people believe millennials make up the most environmentally-conscious generation, but while this may be true, they’re not willing to shell out more money for an eco-friendly home. In fact, only 16 percent would pay more for an environmentally-friendly home, says an NAHB study.
2. Community Feeling – Millennial home buyers are looking for a sense of community and belonging, akin to what they would find living in a bustling city. They tend to want brand-new homes created by builders instead of purchasing land and building their own custom homes on the lot. For this reason, they are attracted to subdivisions.
Even with this trend, the previously-owned home market is still 5x times larger than the new home market among millennials. They enjoy certain aspects of city life, such as walkability and amenities available to the public, such as community centers and gyms, but still overall prefer to live in the suburbs.
To achieve that sense of community, millennials are looking for homes that are within walking distance to coffee shops, parks, and schools.
3. Customization and Personalization – While millennials want low-maintenance homes, they also want customized and personalized homes that cater to their unique needs. In essence, they want to blend traditional charm with modern amenities, which is why they like multi-purpose layouts so much. Home styles currently trending with millennials include mid-century-style, Mediterranean designs and pre-WWII colonials.
On top of that, they want to see dedicated specialty rooms in the homes they purchase, such as man caves, game rooms, fitness and yoga rooms, and media rooms.
In their kitchens, they want:
- Built-in wine coolers and microwaves
- Stainless-steel dishwashers
- Sub-zero refrigerators
- Central islands with ranges
- Exotic stone, poured cement, or granite counter tops
- Window seats and built-in seating
In their bathrooms, they want:
- Dressing rooms
- Makeup rooms
- His and hers sinks and baths
- Spas and hot tubs
Contact Berkshire Hathaway Premier Properties
If you’re a Millennial and you know what you want in a new home, get started today with one of our experienced buyer’s agents. Just contact us at 832-626-4889.