For the past few years, millennials have been dominating the housing market! According to Bloomberg, millennials make up about 34% of overall real estate purchasers and about 66% of first-time home buyers. So, what exactly are millennial home buyers looking for in a home? Here are 5 selling features you must have to attract the millennial buyer:
1. Open Concept Floor Plan: Compartmentalized rooms separated by walls and doors just won't do it for the younger buyers. Millennials want multi-purpose open floor plans. Connected living is one of the top new home trends. They want the kitchen open to the family room, allowing people to flow back and forth.
2. Quick, Easy Commute: The majority of millennial buyers are first-time home buyers. They want a home in the suburbs, but with an easy commute. 70% of millennials say that walkability, short commutes and proximity to highways are the most important factors when deciding where to purchase a home. Get your home's Walk Score here.
3. Low Maintenance: Most millennials are early on in their career and work takes priority in their lives. They don't want to have to worry about mowing the lawn or updating tile work in the bathroom. Millennial buyers want low-maintenance finishes, such as easy-to-clean countertops and a self-watering irrigation system. HouseLogic shares 8 Low-Maintenance Upgrades You'll Love.
4. Modern Kitchen: New homebuyers want a modern, kitchen. Granite tends to be a trend, however, quartz provides the low-maintenance they're looking for. Larger tiles with less grout lines make the flooring appear more modern. Alternately, some are opting to keep the hardwood flooring flow from the living room into the kitchen. A large island that can double as an eating space is increasingly popular.
5. Energy-Efficiency: Younger buyers often have a budget, including cell phone bills, healthcare premiums, student loans, car payments and insurance, app subscriptions and more. Millennials would rather pay money now and save in the long run. Adding triple-pane windows, low-flow shower heads, air sealing of your attic and switching from incandescent to fluorescent will lower monthly utility bills and appeal to millennial buyers. Green Home Guide shares 9 Ways to Make Your Home More Energy-Efficient.
-Melissa
Visual Capitalist shares an infographic on What Millennials Want In A Home.
