Millennials get a lot of grief, but the reality of the situation is that they are the biggest generation since the baby boomers, and since they are just now starting to enter the housing market things are going to start getting shaken up from the norm. Decades ago when you would buy a house you would plan to live there for a very long time, perhaps even forever. That just isn’t the case with Millennials – they are often looking for Millennial starter homes that they plan to grow out of in the future. And Millennials do plan for the future – they believe more than previous generations that owning your own home is part of achieving the American Dream.
So what are Millennials looking for in a major real estate purchase?
Move In Ready – Millennials don’t plan to or want to do any home renovations – they’re short on cash and time and value the convenience
Big Kitchen – it’s the center of the home and of entertaining!
Open Floor Plan – it keeps everyone in the loop
Energy efficiency – windows, appliances, and even solar panels are high on the list
Updated kitchen and bath – so they don’t have to shell out for upgrades after saving for a down payment
Home office – more people are working from home these days
Cell reception and Internet service – dead zones are a no-go!
Location, Location, Location!
Because Millennials are often strapped with college loan debt, saving for a down payment can be difficult. That’s the major driving factor behind the fact many of them want turnkey houses – there’s not going to be any money left over for renovations and repairs for quite some time after their purchase. But that doesn’t mean they want to compromise on their home’s features – this generation has a lot of buying power thanks to just its size and diversity, so it’s unlikely they will feel the need to compromise. That’s also why they are buying Millennial starter homes where they don’t plan to stay for long – the average Millennial owns their first home for only 6 years!
Millennials do copious amounts of research before buying even a sweater online, so imagine how much thought and planning will go into their home purchases! The good news is that they are more likely than other generations to trust the professionals, so Realtors have a great opportunity to get them pointed in the right direction. Learn more about Millennial home buyers from this infographic. They are shaking things up in the housing market!