Home buying can be a challenge for anyone, but many millennials face the extra hurdle of a tight budget.
- Millennials tend to carry a heavier debt load than the average home buyer.
- In general, millennials are looking for great locations, technology enhancements, lots of space, and more.
Pew Research considers anyone born between 1981 and 1996 to be a millennial, and the U.S. Census Bureau defines the generation as anyone born between 1982 and 2000. Either way, one thing is sure: Millennials are driving the current housing market. Whether you’re selling your home or considering buying a home for the first time, we thought it would be nice to know what buyers of this generation are looking for in a new home. Here’s what we found.
1. Great location
To understand why location is so important to millennials, it helps to understand who they are. Millennials make up the largest demographic in the U.S. Plus, according to Pew Research Center, they are better educated than any generation that has come before. And millennials tend to be technology-savvy and less likely to be married or have children. In general, they’re more likely to carry debt than other generations.
Millennials — particularly those who do have children — are drawn to spacious, affordable homes in the suburbs. While they want access to public transportation, they’re also looking for things that will benefit their young families (including pets), like parks, jogging trails, and highly rated public schools.
2. Smart home technology
Most millennials grew up with technology and, as adults, want a home with smart features like Nest thermostats, smart locks, home security (with video surveillance), and automatic lighting. They want to control things like their heating and cooling system and appliances from an app.
So when millennials are figuring out how much home they can afford, it’s a good idea to take into consideration all the expenses they might have, on top of a monthly mortgage payment.
3. Convenient laundry room
Many millennial buyers ask for a laundry room that’s separate from other busy areas of the house. Maybe it’s due to sharing a laundry room in college or not having a washer and dryer in early apartments. Whatever the reason, a separate laundry room is a hot ticket with millennials.
4. Updated kitchen