As millennials begin to reach their late 20s and 30s, they are entering the real estate market more than ever before. As millennials become financially stable, many of them can afford more than a basic starter home. According to The Washington Post, millennials now represent the largest cohort of homebuyers. Here’s a few things they’re looking for in their ideal home.
The Prime Location. Lifestyle is typically defined for millennials by location. They are more drawn to centrally located neighborhoods where they have easy access to the best restaurants, coffee shops, bars, gyms, and parks. Despite those moving to the suburbs, there are still many interested in the buzz of living right in the action.
Convenient Living. As millennials tend to have hundreds of things going on, ease of maintenance and upkeep is essential to them. That’s why full-service condos tend to be where millennials will flock to rather than townhomes. They like to have the amenities such as a pool, gym, and rooftop for entertaining on the premises. Smart technology is also a key factor drawing in millennials.
Designed for Socializing. While millennials tend to be very social, they want a living space that reflects that lifestyle and makes socializing easy. Open concept floor plans where the kitchen opens up to the living space is extremely popular to millennials so those cooking don’t miss a beat.
Outdoor Living. Millennials love living spaces that have an indoor/outdoor feel such as condos with balconies and decks or a home with yard space. They also value accessibility to green spaces such as parks, gardens, and trails.
Features for the Future. Millennials like to think long-term, so whether it’s with roommates, pets, a spouse, or kids – they want room to grow. While some may be ok with taking on future DIY expansion projects, most prefer a space ready to handle future needs. Millennials also care strongly about the future of the planet and are attracted to energy efficient, environmentally friendly home features.
An efficient, easy to work with agent. Technology is key when working with millennials. They are looking for an agent who will streamline the homebuying process and do as much online as possible. They are looking for a quick response time and want to work with someone who will understand them and what they are looking for.