Tuesday, October 22 2019
Millennials, also known as Generation Y, is the group of people born between 1981 and 1996. This group of an estimated 80 million is unlike any generational cohort before them—they are significantly delaying major milestones in life, like getting married, having children, moving out on their own, and buying houses.
As the older Millennials begin to step into the housing market and search for their first home, their homebuying wish list looks very different than that of previous generations. Research shows that Millennials want adaptable and flexible energy-efficient homes with open floor plans, and indoor-outdoor living spaces.
Millennials Desire Open, Adaptable Floor Plans
Gen Y wants their new home to have an open floor plan that allows them to entertain, gather with friends and family, and form deeper connections. They want their space to be whatever they need it to be in the moment, which is why they desire a flexible, adaptable space that can be rearranged and meet their needs. Gone are the days of formal dining and living rooms—Millennials seek a space that can accommodate and adapt to their lifestyles.
Indoor-Outdoor Living is a Major Priority for Millennials
Millennials are prioritizing and placing major value on outdoor living spaces. According to Responsive Home research, an outdoor living space is a number one must-have for 59% of Millennial homebuyers. Another study by Garden Media Group found that 85% of this generation rated Outdoor Living Spaces with areas for cooking and relaxing as “very important.” Millennials want to expand their square footage to the outside by connecting their indoor living space to their outdoor entertainment area, where they can cook in their outdoor kitchen, lounge by a firepit, and entertain. For this reason, large glass patio doors that can fold or slide away and create a large opening that blurs the line between inside and out is a desirable feature for Millennial homebuyers.
Sustainability and Energy Efficiency is a Main Concern
An energy efficient home is also important for new Millennial homebuyers. Energy-rated doors and windows that will help the home’s overall energy efficiency are important, as are other measures of efficiency. Millennials are willing to invest more money upfront to ensure their new home is efficient and sustainable.
Personalized and Custom Spaces
Millennials want a custom home that matches their tastes, and they are willing to splurge on customization. According to Responsive Home research, 71% of Gen Y say it’s important for their home to have the ability to be customized. They want to design their space and make upgrades that will meet their needs and elevate their specific lifestyle.
Amenities Within Walking Distance
Another important thing Millennials are looking for in their house search are homes with plenty of amenities within walking distance. They want to be close to parks, grocery stores, friends and family, work/schools, and entertainment. Gen Y wants an effortless lifestyle where they do their grocery shopping, walk home, and cook dinner with friends.
Laundry Rooms are a Necessity
One feature that Millennials say is a must-have is a laundry room, with 55% of the cohort saying they wouldn’t buy a new home without one. Storage is also important, with linen closets, a walk-in pantry and garage storage making the top 10 most desired features.