03 Jun Millennials – Here They Come to Save the Day?
Millennials are America’s largest generation. They are now entering their thirties and their philosophies about how and where to raise a family will have a major impact on the nation’s housing market. Of course their media and political preferences have helped shape how we entertain ourselves so why should housing be different?
Millennials look more for value than “flashy stuff” in a new home. A recent study revealed that seventy-seven percent prefer an essential home over a luxury model. And more than half (56%) believe the tech capabilities of a house are more important than its curb appeal.
This isn’t surprising, as Millennials are known for their fascination with technology, which reflects their home buying decisions. Almost two-thirds (64%) would not want to live in a home that wasn’t “tech-friendly.”
Another constant concern of Millennials, security; they naturally want to be able to control a high-tech security system from their smart phone.
Their concern for the environment is also taken into account when Millennials choose a home. Energy-efficient appliances and reduction of carbon footprint are big factors in their home choices.
One in five Millennials say that “home office” is the best way to describe how they currently use their dining room. This generation tends to share child rearing responsibilities based upon whose work responsibilities require which partner to be away from the house during the day.
All in all, just as the Baby Boomers influenced the housing market when they started buying homes and raising families, the Millennial generation’s overwhelming size will drive the nation’s housing market. Its numbers will produce a boom in demand for housing that will help heal this critical sector of the nation’s economy.
What do you think? Will the Millennials be the “Mighty Mouse” of today’s housing market? Share your comments below!