If there’s one thing Millennials are particularly skilled at, it’s comparison shopping. Since the advent of the internet and sites like Amazon, the importance of finding the right fit for everything has increased considerably. Millennials will spend hours evaluating the slightest differences between three types of headphones in twelve open browser tabs before making a decision. So is it any surprise that these informed consumers take the same amount of care and consideration when purchasing a home?
According to a study by Bloomberg, Millennials are waiting to purchase their homes later in life than earlier generations, causing many to bypass the “starter home.” Instead, many are in their late 20’s and early 30’s when purchasing a home. So they are likely to be in a better position to buy a home that fits all their needs. In a world where Millennials can bide their time and wait for the right fit, what exactly is it that they’re looking for in the homes they buy?
Energy Efficiency is Everything
Global warming and climate change continue to be a growing concern for millions of people. Millennials are by no means an exception. Sustainability has been an especially conscious concern for this generation. And that has popularized LED lights, green appliances, insulated windows, and the occasional solar panel on the roof. Although the initial investment can be more costly, buyers end up saving money in terms of utility costs and water. Additionally, many states even offer tax breaks for making a house more energy efficient.
The rise of technology is also proportionate to the rise of energy efficiency. One-stop-shop home systems that are connected to an app or a computer makes it easier than ever to go green and stay green. It makes sense that this intrinsically tech-savvy generation would leverage this proficiency in order to create sustainable, long-term results for both the home and the planet.
Open Floor Plans Are A Must
It’s not a surprise that this trend is all the rage in the current home buying world. Open floor plans maximize efficiency when traveling around the house. They also make homes look and feel bigger. Combining the kitchen, dining room, and living room into one large, easily maneuverable room makes it easier to entertain. As a bonus, it’s also accessible for the “work from home” freelance types.
More and more modern homes are being built with this open-concept style,. Even traditional homes are renovated to knock down a wall or two, let in some light, and modernize the space. However, this open-concept doesn’t just limit itself to indoors. Outside spaces such as a patio or porch are also cited as important assets when it comes to homeownership. Outdoor space extends the living area, increasing the ability to navigate the entire home.
High property costs in cities are leading Millennial homebuyers to seek more affordable housing in the suburbs. Despite all the talk of Millennials hating the suburban life, it seems that many are contributing to its revitalization. With their own little urbanized twist, of course. Many Millennials do live in cities much longer than previous generations. And when they do leave, they want to keep some of the best parts with them. A recent article by Bloomberg mentioned the rise of an “in between”—a place not dense enough to qualify as a city, but that offers some of the best parts of city life most cherished by Millennials. Millennials, with their love of socializing over brunch and getting happy hour drinks, have transformed traditional suburban areas into small mini-cities with walkable spaces, nice restaurants, outdoor malls, and comedy clubs.
Wood Floors Only
If House Hunters has taught us anything, it’s that Millennials and shag carpets do not go together. With a staggering 82% of Millennial homebuyers actively look for wood floors, it’s no wonder that home builders are catering to this market. A sturdy carpet can last ten to fifteen years. But hardwood floors can last an entire lifetime. Studies also show that they don’t hold in the allergens that carpets do. They’re easier to clean and increase the resale value of the home. Literally. HGTV found that 54% of buyers were willing to pay more money for a home with hardwood floors.
When it comes to homeownership, Millennials have a lot on their plate. Busy schedules and an inevitable “side hustle” make move-in ready homes more attractive to buyers. Skipping the starter home and spending more on that first house means that they can afford to hold out for something nicer, bigger, and more fitting of the lifestyle that they want.