What’s something you hear about a lot? The weather, the stock market, the state of the union…and…home buying trends! Are millennials renting apartments or buying homes? GJR helped you to understand the home buying trends amongst baby boomers and now we’re here to help you understand the trends of home-buying millennials. Check it out!
WHO are the millennials?
In 2016, U.S Pirg described Millennials as those born between 1983 and 2000. Due to birth-year overlap between definitions of Generation X and Millennials, some individuals born in the late 1970s and early 1980s see themselves as being “between” the two generations. Are you a millennial? If so, you’re not alone! Millennials total nearly 80 million in the United States.
Millennials are very independent and are looking for homes!
Here are the top trends and styles millennials are seeking:
New appliances and technology
Today’s millennials are pretty tech-savvy. They want in-home theaters, surround sound systems and control systems to manage all their media from one location. This may include a wireless home network, remote control lighting, and security features. Something that’s really popular right now? Alexa! Alexa can help with things like turning on the oven, daily weather, and playing your favorite music! Check out some of these ideas for smart home tech in homes and apartments.
Large master bedroom
In a world where Netflix and Hulu rule, watching from the comfort of your own bed makes the need for dens and living rooms, somehow less important. Millennials want a large master bedroom because of things like luxurious bathrooms and walk-in closets. Douglas Elliman’s Roy Kim says, “You no longer want to walk unceremoniously into a master bedroom and see the bed — creating privacy is more important than ever.” Do YOUR rental properties have large master bedrooms? If so, you should tout them!
Although ride-sharing and companies like Uber and Lyft are becoming more popular, millennials still want that 2-car garage! Another reason why millennials may be looking at living situations with large garages is because of the opportunities they hold! Garages can be multipurpose – man caves, play rooms, workout areas, and workshops. According to Joel Dixon of Compass, a real estate startup, “We’re already seeing buildings that anticipate this shift. For example, floor-to-ceiling heights in garages are increasing. It makes it easier to convert parking spots to office or residential use at a later time. Likewise, footprints are shrinking so that every corner receives natural light — again, essential for adaptive reuse.”
Ok, so this one is a surprising one! At least, it was to me. Now-a-days companies like Blue Apron, Sun Basket, Hello Fresh and Home Chef are very popular. Therefore, it’s hard to understand why millennials are so focused on having a nice kitchen. By “nice kitchen,” we mean stainless steel appliances, a wine cooler, a heating rack, granite countertops, state-of-the-art appliances, voice-controlled refrigerators and more. In fact, according to a 2016 homeowner survey, nine percent of kitchen remodels cost more than $100,000—up two percent from the year before. Click here to get the inside scoop on 15 luxury kitchen appliances designers will be talking about next year. If you’re thinking of remodeling, some of these might be a good idea to take into consideration in order to entice millennials!
Now, there are definitely perks to both carpet and hardwood floors, but today’s millennials are just not seeing them when it comes to carpet! Many find them to not only be more attractive, but for them to be cleaner. With carpet, dirt is more easily hidden. With hardwood floors, you can see it easier but you can also clean it easier. Another huge draw to hardwood floors for millennials is – you guessed it – pets! Pet cleanup is MUCH easier on hardwood floors than it is on carpet. Think about it…
Can you say “Happy Hour!?” Millennials want a nice space to sit outside – like a porch, deck or patio – because it’s an easy and fun place to entertain friends and visitors. Outside space comes in handy for Sunday brunches, evening cocktails, engagement parties, birthday celebrations, summer lounging in the sun, fall fire pits and football watching, and the list goes on and on…