According to Pew Research, a record number of young adults are renting. Compared to previous generations, Millennials have a record low participation in the housing market. Much of this due to increased student loan debt, a weak job market, and delays in marriage and starting families. However, many financial experts are declaring that Millennials will begin to move into the housing market aggressively in the next couple years. Here’s a look into what Millennials want in a home.
5 Aspects Millennials Want in a Home
- Less is More. Millennials value experiences over possessions and thus don’t require large living spaces.
- Sense of Community. Millennials are interested in living in a hip neighborhood that provides them a sense of community.
- Short Commute. Millennials aren’t as interested as previous generations to own a car (thanks to today’s sharing economy) so locations close to work or a transportation hub is ideal. Close proximity to coffee, restaurants, and bars is also a plus.
- Flex Rental Options. The average work tenure for a Millennial is 2 years (and decreasing) so flex renting options are appealing for this mobile generation.
- Cell Service. Millennials want a technology capable living space. According to a recent Century 21 survey, 28% of Millennials (ages 25-35) said good cellphone coverage is a deciding factor in whether they would buy a particular home.
5 Amenities Millennials Want in a Home
- No Formal Dining Room. Millennials eat on the go or in front of the television or laptop.
- Effective Home Office Space. Many Millennials work from home, work on the side, or run their own business so an effective home office is key.
- Hardwood Floors. Millennials are a pet friendly generation (59% of Millennials owned a pet in 2014) and are looking for less maintenance when it comes to apartment or home living.
- Little Maintenance. Millennials have untraditional work schedules, a full social calendar, and a spontaneous travel appetite. They desire living that requires little maintenance or a maintenance service that is 24-7 and fast.
- Open Floor Plans. Millennials are interested in living space that can entertain and support quality time with friends.
Question: What are must-haves for you when considering a home?
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