29 Jan Millennials Still Want to Buy, but They May Not Do It Alone
According to PRNewswire and the PulteGroup, Millennials continue to show a strong interest in purchasing a home. For renters ages 18-34 with an income of more than $50,000, 65 percent indicated their intention to buy has significantly increased in the past year.
The catch? Most Millennials aren’t moving into their first home on their own. Ideally, 76 percent said they plan to live with a spouse or significant other, and if not coupled they anticipate having a roommate, which could mean a friend, parent, in-law, grandparent or sibling living with them.
Even after witnessing the housing boom and bust, Millennials still view a home as an investment. Their number one reason for buying or the desire to buy is to build equity; the second reason is being tired of apartment living.
What do Millennials Want in a Home?
Today’s buyers want a lot of value in a home and for it to make efficient use of every space. The single most important home feature to a Millennial buyer is the floor plan layout. In fact, an overwhelming 69 percent want an open/layout space in the kitchen and family rooms for entertaining family and friends.
According to PulteGroup’s internal buyer surveys, Millennials found the following aspects in a new home as extremely important/very important:
- 84 percent said ample storage for daily items
- 76 percent said space for TV, movie, sports watching
- 73 percent said the entry to the home
- 63 percent said outdoor living/deck
- 36 percent said the ability to conduct business from home
The Best Way to Reach Them
The Internet is the primary source of information for home shoppers today – more than 90 percent of plugged in Millennials research their home search online. They really do their homework and use several resources to make such an important decision.
PulteGroup uses a variety of ways to reach them, from mobile apps to chat rooms to visiting model homes and designing homes online. They have successfully provided a variety of ways for Millennials to get the information they want, when they want and any way they want.
How do you reach this valuable market? Share by commenting below!