Millennials are the most abundant buyers in the real estate market today. But what do these buyers want when it comes to a home? Do you have any guesses? You might be surprised to learn some of what they want because it’s as traditional as their parents wanted.
Get Matched with a Lender, Click Here.
The most important thing to millennials is the location. That’s right, location, location, location. What means the most to millennials is living near what they do and what they love. Whether that means living close to the office, near the mall, or near their favorite gym, millennials care about what is around their home and how convenient it is to get to these locations.
What may surprise you, though, is that millennials don’t necessarily want to live in the city, in the middle of the hustle and bustle. Instead, they prefer the suburban areas where things are calmer, yet still convenient.
Aside from location, millennials put emphasis on many other factors, which we discuss below.
Low Maintenance Homes
The days of ‘Fixer Upper’ may be behind us as millennials take over the market. They don’t want the homes they have to fix up – many of them are just too busy. Instead, millennials want homes they can move into and live in comfortably right off the bat. They would rather spend time doing what they love and that doesn’t include fixing up their home.
Click to See the Latest Mortgage Rates.
Open Floor Plans
The days of needing a formal living room and dining room are far behind us. Today, millennials want an open floor plan that they can use as they see fit. They don’t want walls separating the various areas of the home. Instead, they will use furniture and architectural pieces to make the divisions that they see necessary, but they want it on their terms. Close up a room with walls and millennials will look elsewhere.
Energy Efficient Homes
Millennials are all about simplicity, but they also care about the environment. That being said, they want homes that are energy efficient not only to save money, but to save the environment too. Because millennials are often rather tech-savvy, they are willing to spend money on smart products that save energy and money on future bills.
How Millennials Find a Home
It also helps to know how millennials find the home they want. Because they are one of the first tech-savvy generations to start shopping for homes, it’s safe to say that they want everything automated and instant. In other words, they will look for listings online, will communicate online, and expect answers as quickly as they ask the questions.
They will look for high-resolution pictures online and they will search for homes while they are on the go. They won’t necessarily sit at a desktop computer, but will rather shop from their smartphone.
The average millennial will look for a single-family home in the suburbs. It will likely be a home that they can expand their family into with several bedrooms and bathrooms. But a lot of emphasis will be on the location, amount of necessary maintenance, and level of technology.
Mortgage.info is your information portal for all things home, mortgage, and refinancing.