What Millennials Look for in a Home

By Beni Restea

Compared   to   older  generations,  millennials  are  in  a  unique  position  when  it  comes  to  real  estate.   While  those  from  the silent generation  and  the  baby  boomers  were able to feasibly buy homes, millennials face a plethora of overwhelming challenges and roadblocks that make it far more difficult for them to purchase property. 

These  roadblocks  vary  widely, but the primary and most intimidating among them is the median home price. With a median home price  well above the national average yearly salary, millennials who would like to buy a home are forced to take out a tremendously disadvantageous home loan or save up for decades. 

Of  course,  there  are  ways in which a millennial home buyer can circumvent the high median home price and other obstacles that stand  between  them and buying a home. While the median home price is quite high, there are real estate agents who specialize in finding more affordable homes for millennials.  Additionally, millennials in this situation can also find lower priced housing markets. 

Keeping  these  limitations  in mind, you may be wondering what millennials look for in a home. With a long list of obstacles in place, what  are  millennials  not willing to sacrifice? That’s what we’re here to find out today: what millennials look for in a home, and what they’re willing to do without. Let’s get started!

Millennial home buyers: a unique market

To  better  understand  the  millennial homebuyer, you’ve got to first  understand their position. As likely as not, they’re between the  ages  25  and  40  years  old.   On average, they’ll be making around  $50,000  a  year, and much of that will be going toward their    expenses   such   as   auto   maintenance,   food,   health insurance, and rent. 

For  an  individual  in  this position, buying a home is a daunting undertaking.

 It  isn’t  as  simple  as  saving up for a year or two, signing a ten year mortgage, and moving in. It will require them to plan, save, and readjust  their  financial  life in its entirety to gain a mere hope of being able to purchase a home. While this may not be the case for all millennials, it certainly applies to most of them.

What millennials want in a home

This  brings  us  to  our  current  order  of  business:  ascertaining what millennials want in a home. When compared to older generations,  millennials tend to prioritize certain aspects of a home that their more elderly counterparts would typically not prioritize,  but  certain  things  remain  the same across each generation. Ultimately, millennial home expectations center on the same thing that those of previous generations did: comfort. So, what makes millennials comfortable?

A low price

Many  millennials  are  financially  challenged, one of the biggest draws   a   listing   can  have  is  a  good  price.  While  there  are certainly  a  lot  of  things  that millennials will be looking for in a home,  it  first  and  foremost  must  be  attainable  financially. It doesn’t matter how nice the house is if they can’t afford it! 

As  a  general rule of thumb, you’ll have much better luck selling homes  to  millennials if your listings are priced 20%-30% below the  median  local home price. For these homebuyers, price will likely be the primary consideration when it comes to choosing a place  to  live,  so  keep  this  in mind when coming up with your marketing pitch.

 

Open space 

One  thing  millennials  seem to love is large amounts of open space. While previous generations often prioritize finding homes with more  practical  characteristics,  millennials  love homes with a lot of space. Generally speaking, millennials prefer homes where this open space contributes to a general feeling of freedom and connectedness, as opposed to those that feel confined and restrictive. 

If  you  want  to  sell  to  millennials specifically, you should favour studio apartments, open plan homes and any other type of listing that  features  a  great  deal  of  open  area.  As  an  added bonus, look for homes that have color schemes which highlight the open space present in the home and give the impression of an even more expansive floor plan.

 

Access to public transportation

Another  thing  that  millennials  love  when  it  comes to homes (especially  those  within  the  city limits) is easy access to public transportation.   Millennials  are  the  generation  least  likely  to drive    cars,    and    with    this    limitation,    access   to    public transportation   is   an  appealing  bonus  when  paired  with  an attractive home. 


If  the  listings  you’re  selling  are  in  a larger city, there’s a good chance  that  they’ll  be  served  by  light  rail,  bus,  and  subway networks. 

One  thing  to  keep  in  mind,  nonetheless, is that no one likes the thunderous sound of a train rattling by, so try to choose listings that are within walking distance of a bus, train, or subway station, but out of earshot of these services.

Close proximity to nightlife attractions

Although  the  older  millennials  are  getting  a  bit  long  in  the tooth, there’s no question that the millennial generation is the party generation.  Whether  they’re  tearing  it  up on the dance floor or going shot for shot with the local bar heavyweight, millennials just like to have fun. And as any alcohol enthusiast worth his salt knows, the best house is the one next door to the bar! 

While  this may be a bit of an exaggeration, what isn’t an exaggeration is that local nightlife attractions are a compelling selling point in  millennial  real  estate.  If  there are any bars, clubs, lounges, or other similar attractions, be sure to give potential buyers a heads up regarding this fact. You’re sure to see results!

Conclusion

While  their  demands  may  differ  substantially  from  their older counterparts, millennials still have prerequisites when it comes to purchasing a place to live, and you’ll have a lot more success if you market your listings with these things in mind.

If you’re  looking for some advice from someone with more experience, why not find a real estate agent who specializes in selling to millennials?  These  skilled,  professional  realtors  are  your  best  bet at getting keen, useful insights into the world of millennial real estate. With their help, you’ll be wheeling and dealing in no time!

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