As rents rise nationally, experts predict that millennials will enter into the home buying market. In fact, a recent study by Urban Land Institute shows that 70 percent of millennials aspire to own a single-family home by 2020. This generation, born between 1980 and 2000, is about 92 million strong and will likely make up the bulk of US homebuyers over the next decade.
What are millennials looking for buying a home?
Fast and easy information – When considering any purchase, this generation typically uses technology to first research their choices. Millennials want fast, accurate information so real estate listings should be online and posted across all social media channels.
It’s about location, not size – Most millennials are much more interested in the location of the home than the actual home itself. A smaller home in an active and trendy area is likely going to be more appealing to the millennial generation than a larger home on the outskirts of town.
Open, multi-function interiors – The appeal of socializing and living casually attracts millennials to homes with fewer partitions and walls. Many millennials are also attracted to versatility of space. For example, they would rather have a room that can serve multiple purposes than a formal dining room that is strictly for sitting and eating.
Minimal maintenance – Because many millennials work long hours and have many interests, they prefer properties that require minimal time and care. Homes or condos with a small balcony, terrace or patio may be more appealing than a large yard with landscaping.
To read more about how millennials are changing the home buying process, click here.