According to the National Association of Realtors, millennials now comprise the largest cohort of homebuyers, consisting of over 38 percent of the overall number of homebuyers. As this generation floods the real estate market, agents would want to know what millennials want in their homes.
Every generation is different, and millennials are no exception. Just like how they are changing the face of the workforce, millennials also have an impact on housing development and the overall real estate industry. With this said, here are the must-have features millennials want in their homes.
Home Features Millennials Want in Their Homes
The location has always been an important factor in choosing a home across generations. As for millennials, they wanted a home environment that has all the live-work-play elements. With this comes the rise of hipsturbia. It is essentially the suburbs as we know it plus nearby entertainment centers and offices.
Millennials value the preservation of the planet. That is why it comes with no surprise that this generation values greater access to green spaces. A lot of millennials opt for outdoor kitchens apart from having a patio or wide lawn.
Statistics have shown that the majority of millennial homebuyers are more eager to buy a house with a large kitchen. While older generations are more into formal dining rooms, millennials prefer open floor plans. Millennials wanted an open space where the living room, kitchen, and dining area are interconnected.
Although space is not a huge concern for most millennials (several millennials are fans of tiny homes), this generation wants their future homes to have high-tech and modern amenities. Apart from having a home automation system, millennials wanted to have workout spaces with modern equipment.
Millennials are more environmentally aware than other generations. For them, reducing one’s carbon footprint is a top priority. Thus, millennials are more focused on making their homes more energy-efficient and sustainable. It is not uncommon to see in millennial houses solar panels and wide windows.
Also, most millennial homeowners prefer to grow their food in their own yard. Kitchen gardens have increasingly become a popular trend among the younger generations. Even in tiny apartments, millennials strive to at least grow some plants.
Millennials are used to a lot of things being efficient, long-lasting, but quick. A lot of people brand millennials as the microwave generation, and it is not surprising. Even in choosing their homes, millennials wanted to live in one that is convenient and low-maintenance.
Open Floor Plan
Realtors have noticed an increasing trend among millennial homebuyers, and that is the open floor concept. Millennials wanted to have an open space for their interior. It is for various reasons, though, but it all boils down to practical and social reasons.
When having guests over, millennials prefer to interact with them casually throughout the house instead of being confined to just the dining area. Also, millennials with smaller homes opt to have open floor plans since it is multifunctional. A bedroom can be converted into a living area during the day.
The millennial generation popularized the concept of telecommuting. Nowadays, it is not uncommon to hear of young professionals working from home. So, plenty of millennial homebuyers prefer to purchase houses with spare rooms that they can convert into a home office.
Hardwood floors are becoming stylish again, thanks to millennials. These young homebuyers prefer natural wooden floors over carpeted ones. And if hardwood floors are too expensive? There are plenty of alternatives, such as laminate, ceramic tile, and vinyl.
Separate Laundry Room
Millennials also list separate laundry rooms as one of their top priorities in searching for houses. Accordingly, over 90 percent of millennial homebuyers prefer houses with separate laundry areas. Millennials may sacrifice extra space in their living area, but that is not the case for laundry rooms.
The number of millennial homebuyers will increase more in the coming years as this generation outgrow their young and carefree lifestyles. With all these laid out, now you have an idea of what sells more to these young homebuyers.