In 2018, about one-third of the housing market is made up of millennials. At the same time, millennials are currently the largest generation and make up more than two-third of first-time homebuyers. Because of these numbers, it’s important to monitor the trends that are being caused in the real estate market because of millennials. Below are three to be aware of.
Location, Location, Location
Although millennials have caused many changes in the real estate market, location is still the biggest deciding factor in their home purchases. Millennials work for a large amount of the day. After long days at the office, they then stay connected to their colleagues via computer and mobile device. Then they build a blog about their work experience.
Because of their attachment to work, they want to be close to their jobs. This is why location is key when it comes to millennials and the housing market.
When a millennial is taken to check out a home, they’ll probably be on their phone while waiting to be let in. Then, they’ll use their phone to take pictures of the house, and use it again later on to look up information about the neighborhood. This means millennials will not be interested in a home if there’s not good cell phone reception.
Because of their attachment to technology, millennials are looking for a home that has modernized technology – or at least the potential to have it added on. This means things like excessive outlets and access to high-speed internet.
Open Floor Plans
Millennials prefer a house with an open floor plan because they feel it is more functional. For example, they’d be able to work from the island in the kitchen and watch the kids in the living room from there.
At the same time, these types of setups make it easier to keep neat, as well as at a comfortable temperature in all seasons. HousingWire ran a study that found over one-third of millennials prefer a one-floor home.
Gone are the days are the big house with a white picket fence. Today, millennials are more concerned with location, technology, and open-floor plans to create their dream homes.