Millennial home buyers are a growing trend. Millennials have finally taken over the Baby Boomer generation as the world’s largest living generation. This means that the world as we know it will change yet again, as it did when the millennials got hold of technology! They drove it forward, and they will do the same thing with the housing market.
The Millennials are showing promising signs of being the largest generation yet of homeowners. Ever! Some of the reasons that have been explored to explain this phenomenon are that they are delaying having children, which gives them time to become established and that when they marry, they are in a good position to purchase their own homes. Therefore it will be a matter of time before they make a huge impact on the housing market.
Who Are They?
Millennials are also known as Generation Y, following on from Generation X but preceding Generation Z. The generally accepted years of birth range from 1980 right up until 1996. Many of this generation are well educated, which means they can afford to purchase their own homes. They have specific tastes too, which we will explore shortly.
As with all generations, they prefer the styles and fashions of their own generation. This means that they tend to look for homes that have updated style, and are more technology-focused. They want stylish and smart homes, that allow them to socialize with friends and family in comfort. It is very likely that they will lead the way in Smart homes – homes that are intimately connected with technology.
Design is Important
For the first time ever, design is one of those things that can’t be overlooked. Because they enjoy entertaining, Millennials want functional homes that have organized space for their ease of living.
What Is a Make or Break?
It has been reported that Millennials will often overlook a home that doesn’t have a laundry room. This is an important aspect of design for them. This doesn’t exclude things like linen cupboards, garages, and walk-in closets though! All the functional aspects of a well-designed home.
Top Trends for Millennial Home Buyers
The Millennial generation seems to prefer homes that have some character. They don’t turn their noses up at the older homes – preWW2 or even mid-century homes – which seems to indicate that they like Old World style and charm.
There is no specific indication of definite styles that are more popular – they like anything from Victorian, Tudor and even Greek revival architecture, which shows that they like character-filled homes.
Homes that incorporate Spanish or Italianate features are also quite popular, with their stucco exteriors and multiple levels. They usually feature columns as well as the more rounded walls, with grand covered entrances and featured arches.
Don’t Turn Down a Lovely Kitchen!
As the Millennials are known for entertaining, a good kitchen is a must. They prefer kitchens that have professional convection ovens and usually 6-burner ranges. These must include a cooker hood – but with the added non-negotiable being that the extractor must be quiet!
They prefer top-of-the-line goods, such as large stainless steel dishwashers and good quality refrigerators. Wine coolers are also expected, and they are favored if built-in. Microwaves should also be built-in, it is a non-negotiable kitchen necessity for most.
Sinks should be unique and expensive-looking, and there should always be an extra small sink built into the kitchen island – which leads us to believe a large ‘farm-style’ kitchen is preferred.
Looks are important too, which means lighting and recessed areas should be focal points to the kitchen.
And The Rest?
Carpets seem to be a thing of the past, buyers are leaning towards homes that have carpets used sparingly. They like glass and stone looks, like travertine and marble though even bamboo and cork seem to be gaining popularity.
They tend to prefer earthy colors and an open plan living with special rooms like playrooms or gym rooms off to the sides. Sometimes they will have an accented color, but this is used sparingly and only for effect.
What About Outside Space?
This is also something that appears to be quite high on the list of ‘must-have’s for Millennials. They are seemingly preferring to have a workable outside space, with more than half of those asked expecting a refrigerator, grill, and outside sink to be available. This again ties in with their enjoyment of entertaining friends and family.
And Energy Saving?
This is something that they consider, but not many of them consider this to be high on the list of priorities. There are very few that would consider paying extra for energy saving, so it does seem like a less important aspect of home buying to Millennials.
Communities Count
Millennial home buyers do value being a part of a greater whole but are not interested in high-density living at all. So communities, where they have space to feel their own bit of heaven, are what matter. Another aspect to remember is that they do like pets generally, and so homes and communities need to be pet-friendly.
Looking for more help selling your home? Contact us today to get your property out on the market and sold in no time. We’re also able to buy your home from you no matter what condition it may be in. So don’t worry if it seems like the Millenials aren’t biting, we sure will.