Housing these days is all about what millennials — those born between 1981 and 1999 — want in a home. A 2017 study showed that 11% of younger millennials and 29% of the older ones have houses.
Most of them prefer to rent or stay with friends, and according to Statista, millennials’ homeownership rate in the United States stood at 64% in 2019.
However, this doesn’t mean that millennials do not want to buy a house, because they do. The difficulty is finding a building that meets their requirement, and this article will shed light on what they want in a home.
Location is vital when millennials want to pick a home. They want a place that gives easy access to shopping and entertainment centers, well-kept parks, jogging trails, green space, and puts them in an excellent public school district.
Suburbs offer these options to millennial homeowners, so several of them prefer suburban areas to urban ones. 38% of millennials live in the suburbs, compared to the 37% that live in cities.
Classy, Homely, and Afford
Although millennials prefer to live in the suburbs, they want something homely and classy. Affordability is also crucial as most millennials are still paying off student debts.able
Data from Statista shows that 86% of millennials delay buying a home because of student debt. It led more people to rent than buy, and the only way to get them interested in owning a home is by offering them something they can quickly put down a downpayment for and pay off within the quickest possible time.
Flexible Rules and All-Round Inclusion
Whether they are renting or buying a home, millennials want a place with flexible rules and overall inclusiveness. When it comes to rentals, millennials prefer a home where they can do as they please without breaking the law.
Homeowners who have regulations that ban pets will most likely not get millennials who are pet lovers as tenants. Animal companions inform many millennials’ decisions to stop paying rent and buy their own house.
A 2018 report showed that 73% of millennials own a pet, and 89% of those who bought a home owned one. Also, 79% of that demographic would leave behind their dream home if they do not have pets’ provisions.
Millennials do not want breed restrictions and the fees that come with owning a pet. What they want is a yard with space for their pets to play and run. Homes with dog-related amenities, like doggy doors, washing areas, and indoor cameras that allow owners to check on their dogs during the day are top sellers for this demographic.
Energy Efficiency and Environmental Friendliness
Millennials are big on environmental issues like gas emissions, depletion of the ozone layer, and other climate change
Out of that number, 16% are willing to pay more for an environmentally friendly home, while 33% want the latter but do not want to pay more for it. 34% are concerned about the environment, and 18% do not have any concern about it. concerns. A 2019 report showed that about 83% of people in this demographic are concerned about their homes’ impact on the environment.
Millennials want homes with energy-efficient appliances, solar panels, artificial intelligence technologies like smart lighting, and smart thermostats. Apart from saving the environment, energy efficiency saves money and is budget-friendly.
Millennials are into many fun stuff like online dating and smart technologies. This generation grew up in the world of technological advancement, and they’ve seen how easy it makes life.
Being tech-savvy, they are always searching for homes with smart features like smart lighting that works with thermal energy and intelligent thermostats that regulate the home’s temperature without the owner lifting a finger. Another is remote access to the house that allows the homeowner to control lights, locks, security, and camera feeds.
Smart locks are also crucial to millennials as they can automatically open and lock their homes no matter where they are. It also eliminates spare keys and the need to place one under a flower pot in front of the house.
Another thing that millennials look for when searching for a home is a single-family design. This is one of the reasons they prefer the suburbs to city life. People in this demographic do not want condos and apartments because they won’t share walls with other people.
Millennials value relationships and connections with people and want to be part of a community. The ideal single-family homes are usually under 2500 square foot, and those with an open-floor concept are top sellers.
Give Millenials What They Want!
Having a home is a life-long dream of a lot of people, and millennials are no different. However, they won’t just buy a home anywhere. It must conform with their needs, beliefs, budget and offer them the ease of life and freedom they crave. Thus, as a real estate personnel, pitch sales of home with the features discussed above to millennials and increase your selling chance.
About the author: Karl Murphy is a professional journalist from Des Moines, Iowa. After obtaining his Master’s degree, he’s launched his career and over its course, Karl was contributing to the popular publications for men. He also develops his blog topforeignbrides.com.