What Millennials Look for in a Home
Making up the most prominent demographic in the real estate market, Millennials are jumping into the market and reaping the rewards of home ownership but with very specific ideas of what they’re looking for. Unlike older generations, Millennial are keener on finding homes with modern features and more to offer than what was typically acceptable by their parents in the past! That said, real estate agents must be apt to adapt to the demands of this Millennial generation, so here’s a list of some of the things Millennial buyers might be searching for while house hunting!
Location! Location! Location! Location is always key, but for Millennials this holds truer than ever! Millennials are a generation with a very prominent work/life balance and therefore the importance of living close to work but also within close proximity to amenities is a must! That’s not to say most Millennials are in search of a bustling city life. On the contrary, most adults in their mid-twenties to mid-thirties are actually in search of a relaxed, comfortable lifestyle but still with the option to find recreation nearby. The suburbs seems to be a good fit for many within this generation, as most suburban neighbourhoods boast privacy and comfort but are still within driving distance to everything else they may need including work and social life!
Kitchen Space: Millennial home buyers are a generation that takes great pleasure in cooking at home, but also entertaining friends and family. For this reason, they would rather opt for a larger, open concept kitchen with a walkout and casual seating arrangements (such a kitchen island and stools) to make cooking and socialising more synonymous.
Older Homes: Unlike baby boomers who lean toward newly built homes, Millennial buyer are more willing to purchase older homes for the affordability or a fixer upper due to its customizability. This generation, known for their hard work ethics and creative capabilities, is willing to purchase an older home and fix it up to their liking, making it more their own.
Modern Amenities: While we see many Millennials purchasing older homes, that’s not to say they don’t still want a home equipped with all the modern and high-functioning perks! This tech savvy generation is looking for a home with new appliances and perks, such as new laundry units, dishwasher and smart-home options.
Outdoor Space: Millennial home buyers are geared toward finding homes with relaxing outdoor spaces. COVID-19 has made this truer than ever, especially for those who want to work outside as they work from home. Millennials are both self-sufficient and sociable, so having an outdoor space to unwind, have potential to grow their own garden, or entertain friends and family is a huge perk.
Open Concept & Natural Light: Many Millennials are in search of a home with an open concept layout that can be utilized multi-functionally. An open concept layout creates a more appealing flow throughout the entire home. It also allows the home to be used more diversely and connects rooms for entertaining and your daily activities. Rather than being restricted to the dining room for hosting, guests can move more freely throughout the home, while a basement can be used for relaxing or be converted into a home gym. Additionally, more space means more room for storage, which makes all the difference for this generation! Millennials are also drawn to plenty of natural light in a home, creating a more inviting and refreshing atmosphere. This means homes with many large windows and sliding glass doors are a draw!