A recent study found that millennials’ interest in buying homes has declined over the past few years. With the burden of student loans, a milestone like this seems unattainable to many in this generation.
However, this is changing for many. Nearly 45 million millennials will turn 34 in the next decade, which is the median age for first-time homebuyers. So what exactly is our millennials looking for in their homes?
THE MODERN HOME:
- A modern house offers a minimalist environment. These houses also rarely undergo renovations. The millennial generation prefers spaces that aren’t in need of renovation, so they can spend more time on other things.
THE TINY HOME
- Their size is usually less than 600 square feet, and they are mobile and cheap – factors Millennials appreciate. Moreover, tiny houses can be very easily customized, which is another consideration for younger home buyers.
- Millennials are also concerned with sustainability, and these houses contribute to greener living. Creating a sustainable lifestyle is important to the younger generation, so any system that helps them do that is vital.
- There’s no difference between apartment living and ranch-style living because it has only one floor. This makes the process of renting to buying even easier for Millennials. Young adults also find it easier to obtain a mortgage and make a down payment on smaller houses.
- These houses provide ample living space and are often located in suburbia, which is an excellent feature for those who want to start families. Typical Craftsman-style homes feature an open interior, an elaborate porch, and intricate dormers. Due to their ubiquity across the country, they aren’t restricted to one location. The Millennial generation values affordability, so this type works well for them.
Having identified what this demographic is looking for, you can properly market to them. The Millennial homebuyer population is expected to spike in the next few years, so take note. Consider showing them smaller homes with open layouts, combining modern and traditional elements.