The millennial generation is a difficult generation to pin down but understanding their purchasing habits when it comes to real estate is important. In 2015, the millennial generation surpassed the baby boomers, making them the largest living generation right now, and therefore the largest generation of possible home buyers. Take a look at the 6 most important features in a home according to this generation.
Open Floor Plan
An open floor plan is essential for millenial home buyers as they tend to live more casually and entertain more. Formal and separate living and dining rooms are definitely being phased out and being replaced by large and open great rooms that combine a living room, dining room, and kitchen all into one common space.
New Appliances
According to research, new appliances were among the top 3 most important upgrades for millenial home buyers. Stainless steel appliances are always a safe bet when it comes to updating but it is not just based solely on the look or style, this generation of home buyers is also interested in the energy efficiency of home appliances.
Green Energy
The millennials are the most environmentally conscious generation to date and this translates into what they expect to see in a home. This goes far beyond the use of energy efficient appliances, they are also looking for the addition of solar panels, and energy storage systems that they can use to keep their carbon footprint low.
Large Master Bedroom
This was another one of the top three most popular home upgrades for millennials according to a study done in 2016. This generation is not satisfied with a bed and four walls, they want a spacious room with walk in closets and ensuite bathrooms.
Home Automation
Today’s millennials are no doubt the most tech-savvy generation in history, so integrating technology into the home is something that is important for the group. Some popular smart home technologies include security features, media control systems, remote control lighting, and remote control heating/cooling systems. These technologies ensure efficiency and convenience, something that is most definitely a top priority for this age group.
Modern and Updated Interior
It was found that millennials spend about half the amount on home renovations than the older generations. This then means that they are looking more for move in ready homes where there is nothing left to do and they do not need to lift a finger. This convenience factor is key!
Although many millennials may not be looking to buy a home at this very moment, 92% of millennials who don’t currently own a house claims that they do plan to in the future which is why it is important to understand what they want and need.
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