Millennials—those who are in their 20s or early 30s—are the rising generation of homeowners. Their choices, values, and lifestyles are quite different from older generations. When it comes to buying a home, their careers, proximity to friends, and experiences are usually more important to them than the expanse of the property. Functionality wins over the traditional factors.
Based on the huge population of millennials, their needs and wants will shape the future of the housing and mortgage industries. Here are some of the major factors millennials are looking for while searching for a home to buy:
Millennial buyers prefer to buy a home that requires minimum work to be done for moving in. Most of these buyers are short of time to tackle all that hassle. They prefer to pay extra and allow someone else to restore their home for convenience.
Millennials find it very significant to be close to their social scene including shopping complexes, public transportation, and proximity to their workplace. They want to purchase properties that are closer to city amenities, either by a walk or a short driving distance to town. Amenity-rich living is likely something they’re going to want when they buy a home. But, the millennials do not give much importance to factors like noise ordinances or less crowded areas.
Millennials can compromise on some extra home comforts in return for more technology capabilities in their house. They look for a space that is connected to the latest technological advancements and device automations. According to a recent survey of single homeowners, one-third of those who are in their 20s look for good cell phone coverage in a home before deciding to buy it.
Schools are also important for those who have kids or plan to start a family. This generation is less likely than the previous ones to compromise on school districts. According to a recent survey, nearly half of millennials said the quality of a school district is a major deciding factor in finalizing a home for themselves.
Smaller, multi-purpose spaces
Millennials are not that inclined towards the traditional styles. Instead, they prefer small yet appealing houses. They seek a modern home that is cost-effective as well as energy-efficient. Also, they look for designs that reflect their personalities while maintaining comfort at the same time. They don’t want to pay for heating or cooling rooms that won’t be used much, and they care about the sustainability of the home. The earlier generations wanted a dining room for family dinners, but the millennials believe that a multipurpose space is better as huge social gatherings aren’t part of a usual routine.
It’s clear that millennials don’t want a suburban existence that makes them totally dependent on the automobile, rather neighborhood is what comes first. They seek authenticity, informal layouts, and well-functioning spaces, not just square footage for its own sake.