Love or meme the millennials, they are a growing population in today’s market. While many are continuing to choose renting over buying due to the freedom in moving around, lack of commitment, maintenance taken care of by the landlord, or having no unexpected costs, there are still a good sized group that are ready to jump into the home owner’s pool, but are picky in what they will buy. So what are the top features a picky millennial looks for in a home? Here are the top 5:
1. The Everything Location
Another way to describe this would be centrality, the idea of being in a central location that is close to everything they could desire. In some cases, they may decide to forgo some amenities in order to be in the middle of everything, having that urban style of living while also building equity.
2. Technology at the Fingertips
I’m not necessarily surprised by the desire for technology, but more surprised at how much of a make or break it can be for the millennial home buyer. According to a survey conducted by Coldwell Banker, 81% of home buyers are more likely to purchase a home that is equipped with smart home tech while 35% associate that presence of tech with a home being move in ready. So basically we live in a society where a large group of people want to be able to do everything from their smart phones. I mean we order food, groceries, ubers, etc from apps, why not control the temperature, TV, or other systems the same way?
3. Smaller Homes
Not to confused with the tiny home, although those are pretty interesting in their own right. A smaller square footage home tends to be the preference of the millennial home buyer as it costs less in price and carbon footprint, has a high chance of falling into one of those more central areas as mentioned earlier, and may appear to be not as high of a commitment. I’m not sure I agree with that part, but then that is why I say it appears to be. Any home purchase is a commitment (shows age card here).
4. Open Floor Plans
Honestly this one tends to apply to a wide variety of home buyers, not just millennials , so this one is not a shock. An open floor plan allows for more interaction and is ideal when hosting a get together. You see more and more homes being built or remodeled to create this type of atmosphere, so clearly the builders are tapped in to what people want.
5. Home Office Space
I feel like this ties into the idea of having more tech present inside the home. Why would a millennial be concerned with a home office space? Well, according to census data, more than 13 million Americans are working from home at least one day a week, and the majority are from the millennial generation. Maybe they want the full office set up, or maybe just a feng shui corner that they can finish up a day’s work at, but either way, having space to use their Mac Books is very important.
Does anything on this list surprise you when it comes to the millennial buyer? Do you think that these are features that every buyer would love to have?