The millennial generation is all grown up, and a lot of them are ready to buy homes despite what many others say about them. In fact, half of all home buyers are under the age of 36, making the millennial generation a powerful force in the real estate market. Here are just a few things that are important to those millennial buyers. Millennials and Gen Yers made up about 34% of home buyers in 2017, a number that’s only expected to rise.
One of the most important features a home can have for a millennial buyer is great entertaining space. According to a recent Houzz survey, 56% of respondents were updating their backyards to make their home more entertaining-friendly. The only difference is that millennials don’t want to have to do the updating themselves. They want a home that is equipped with the proper layout and tools to be able to throw a killer party with little effort on their part.
A big yard
Another feature millennials really want in a home is a large yard. The big yard might not be for what you think, though. Millennials want big yards for their dogs. That’s right. According to a recent survey conducted by Harris Poll on behalf of SunTrust Mortgage, 33% of millennial home buyers’ decision to buy a house was driven by their dogs, compared to 25% for their marriage and 19% for their kids. Even among the millennials surveyed that aren’t quite ready to buy a home yet, 42% of them say their dog will play a key factor in their purchasing decision. According to Forbes Magazine, 92% of pet owners spent the same or more on their pets during the most recent recession period, and it seems that millennials are certainly willing to spend more to get a great yard for their pups.
A great location
The location of a home has been important for a long time, and millennials seem to be contributing to that trend. They want to be in a good school district with low crime rates that is close to parks, shopping, restaurants, etc. Tennis participation has risen to roughly 17.9 million players, according to a recent survey conducted by the Tennis Industry Association (TIA). Millennials want to be close to a public court or a park so they can participate in the activities they love without having to drive very far.
Another thing millennial home buyers really want in the houses they look at are new and updated appliances. According to Business Insider, 75% of millennials want new appliances in their home. They are looking for spacious, stainless steel refrigerators and ovens. If the appliances are equipped with smart technology, then they’re even more appealing to this young generation of home buyers.
A separate laundry space
A lot of millennials are coming from small apartments where they either did not have laundry facilities in the apartment at all, or the washer and dryer were tucked in a closet right off the kitchen (or something similar). When they buy their own homes, though, they want a different situation. According to RIS Media, 92% of buyers want a separate laundry room, making it the number one thing millennials are looking for. They don’t want to have to air their dirty laundry in the middle of the kitchen or in public anymore.
An open floor plan
An open floor plan is something that a lot of modern buyers are looking for, and it is especially popular with millennials. In fact, 78% of millennials say they want an open floor plan in a house they purchase. This has a lot to do with the fact that they want to be a part of the action. When they have friends and family over for a party, they want to be able to contribute to the conversation while they’re cooking in the kitchen and the rest of the party is in the living room.
Millennials certainly have stereotypes attached to them, and it seems that having the finer things in life might just be one of them. Considering the fact that they make up half of the real estate market, homeowners may just start renovating their home to make it the perfect millennial pad so they can sell quickly.