Millennials have a reputation as the entitled teens of yesteryear, but this generation is now entirely a demographic of full-fledged adults. The median age of a millennial is 30 years old, two-thirds are married, and 49% have at least one kid. Their days renting out a shoebox in the city are numbered, and instead, they’re taking the housing market by storm. But with this new generation of homebuyers, how do their tastes differ from their parents? Here are a few essential features millennials are looking for when they buy a house.
What Millennial Homebuyers Want
1. Single Family Homes in the Suburbs
Like Gen X before them, millennials want a place in the suburbs where their current and future little ones have space to roam safely. The National Association of Realtors® even found that 57% of millennial homebuyers purchased homes in suburbia, while only 15% stayed urban.
But not just any suburban neighborhood will do; growing families want to buy a house near good schools, and this generation as a whole wants to live near public transportation to get around. If they can live in a walkable area with shops and restaurants nearby without being in the city, that makes the decision even simpler. Many suburban towns are rising to the occasion with multi-purpose developments, and the existing homes and neighborhoods surrounding these complexes also see benefits.
2. Strong Design Features
Millennials will sacrifice space for high-quality finishes for two main reasons: they’re attractive, and they’re easy to clean. Finishes like hardwood floors and granite countertops can be invaluable additions to a property’s value for this demographic when buying a house. Throughout the home, they’re also looking for energy efficiency, from the appliances in the kitchen to the insulation in the walls. Eco-friendly features are pretty standard throughout the housing market and can make a strong impression on this generation of environmentally-conscious and penny-pinching adults.
On the same thread of convenience, this generation craves smart-home technology, such as thermostats that can sync with your smartphone and security cameras you can check on from anywhere. Virtually anything in your house can connect to Wi-Fi nowadays, whether it’s to dim your lights, lock your door, or draw your blinds. Throwing in this smart tech makes a home more move-in ready for millennials since this perk adds another layer of luxury.
3. Versatile Spaces
If they’re trading space for high quality, millennials need multifunctional spaces when they buy a house. As with previous generations, a formal dining room is essential—but now only for Thanksgiving and Christmas holidays—otherwise young buyers will transform it into an office or more informal living space for the rest of the year. Home offices, in particular, are the most-requested feature that a home could have since most jobs today have teleworking options throughout the work schedule.
Open concept rooms—kitchens specifically—also have strong appeal because of the valuable and versatile space beyond the countertops. This layout often combines a kitchen and living space or includes a trendy “breakfast nook” for casual meals. For young parents, it allows them to keep an eye on the kids while preparing dinner, and the space also thrives for larger dinner parties since the limited floorplan isn’t too divided.
When you’re in the market for the perfect property, a committed real estate agent will be an invaluable asset to your search. Extreme Realty has more than 20 years of experience to prove they’re the team for the job when you buy a house in New York City’s five boroughs as well as Westchester County. Their agents excel at serving a diverse client base and aim to tirelessly search for the right home for each of their customers. To schedule a consultation with these expert real estate brokers, call them today at (718) 600-8890 or visit them online for more information.