Millennials make up 47% of the housing market, making them the largest home buying generation. It’s important for realtors to understand the wants and needs of these upcoming homebuyers and where the fit into the home buying process. Here are a few things to keep in mind when working with younger homebuyers:
Millennials have grown up with technology all around them. Many millennials do much of their work via laptops and tablets. This being said, a home that has many outlets is very beneficial when it comes to the millennial home buyer. So beneficial, in fact, that 87% of millennial home buyers said they look for extra outlets while on the home search. This will allow them to work from home from various areas, while not having to be confined to a certain area due to the placement of outlets. Not only are millennials looking for convenience of charge, but 38% search for high tech add-ons to their new homes, such as Wi-Fi thermostats and USB ports in outlets.
The younger generations are becoming more and more aware of environmental factors and green ways of living. Homes made from eco-friendly, recycled material and even solar panels will be an appealing aspect to a millennial home buyer. By buying homes that are “green friendly,” millennials are not only saving the environment, but also some cash when it comes to paying their utilities.
It is becoming more and more common for millennials to work from home, especially as creative industries such as photography, graphic design and other freelance avenues are growing. Having a home office might make or break a home to a millennial home buyer, especially if they will be working long hours from home.
Now more than ever, health and fitness are on the rise. According to a study by Goldman’s Sach, millennials are the most active generation, pursuing exercise on a daily basis. Having a gym near-by is an important aspect that shouldn’t be overlooked. Just because millennials are the most active conscious generation, doesn’t mean they want a long drive to the gym.
Millennial home buyers are looking for homes that don’t require many upgrades, which means either move-in ready homes or new construction. Studies show that 75% of millennials look for new appliances, while 48% look for new construction homes.
The size of a backyard might not matter as much, but coming from apartments and smaller living quarters, millennials will typically be looking for a backyard that is low maintenance, but also offers entertainment aspects, such as a covered back porch for hosting or a small grass area for the dogs.
Though millennials will typically be looking for an attached garage, they aren’t often looking for a 3-car garage. Studies show that 54% of millennials want a 2-car garage, while 13% prefer 3-car garages.