14 Jun What Do Millennials Want in a New Home?
Posted at 09:15h
in Demographics

Millennials are challenging for homebuilders because they’re so hard to define. Ranging from teenagers to those in their early 30s, some desire a hip, urban lifestyle while others are looking for a more traditional home in which to raise a family. In short, there is no typical buyer profile for this generation.
The younger segment of this generation is more attracted to rental housing than for-sale housing, partly because of youth and partly because mortgage financing is so difficult to obtain. However, the married-with-children segment is the most likely to buy townhomes or detached homes; this group really doesn’t want a suburban existence like their Boomer parents. They desire a neighborhood with walkability, authenticity, informal layouts, and functional space.
But in some ways, Millennials and Baby Boomers are alike: they are both at life stages and value community for social interaction.
So What’s Most Important to This Spectrum of Buyers?
Home features must include:
- Clean, simple design that maximizes square footage
- Low-maintenance materials and minimal lawn care
- Open floor plans that “flex” for multiple uses
- Small but usable outdoor spaces
- Ample storageUp-to-date home technology (full broadband or wireless connectivity,charging stations for electric cars, etc.)
- Sustainable materials and energy-efficient systems and appliances
Preferred community features include:
- Walking distance to mass transit, shopping, dining
- Fitness centers
- Entertainment rooms
- Nearby parks
- Walking and biking paths
Millennials are just beginning to have an impact on the housing market, but their time is coming.