5 Millennial Homebuyer Trends
Did you know that millennials make up the largest demographic of homebuyers at a staggering 37%?
Millennials range from age 22 all the way to 40. It's at this point in life that many people are finishing college and looking for a first home, or, looking to upgrade as a result of starting a family.
With this generation being the prime candidate for your next sale, it's important to understand what they're looking for in a home. Whether you're flipping a house or renovating your residence in order to sell, understanding the features that millennials are drawn to will help you stand out amongst your competition.
So, what are millennials looking for in a new home? Keep reading to learn more...
1. Environmentally-Conscious Features
Millennials seem to be paving the way for a greener future with Gen Z following right behind them.
In fact, over 70% of millennials reported that they would be willing to pay more money for sustainable goods over saving money to pay for unsustainable goods!
This trend makes environmentally-conscious features a huge asset when you're looking to sell to this demographic. Eco-friendly features include...
Besides the solar panels, most of these features are pretty affordable and reasonable to add to either a new construction or a home that you're renovating. While eco-friendly products do cost a little more than their less eco-friendly counterparts, the payoff will be worth it when you're getting multiple offers on your property!
2. Features that Require Minimal Maintenance
If we know one thing about millennials, it's that they live fast-paced lives.
Between work, school, and family, many millennial homeowners don't want to be bothered with repairs or extensive upkeep. For this reason, they're more willing to pay extra for features that will save them time and energy in their daily lives.
For example, most millennials prefer wood over carpet floors as carpet requires more maintenance. Also, they prefer newer appliances so they don't have to worry about repairs and not having access to daily necessities for an extended period of time.
3. Multi-Functional Spaces
If you walk into an older house, you'll notice that they're typically boxed off and each room serves its own purpose.
In newer constructions, the floor plan is usually open and the open space can serve as a kitchen, dining area, and gathering area. There's a reason new construction homes are following this pattern.
You see, millennials love multifunctional spaces! Even when you look at trends in home design, this demographic tends to lean toward multi-functional pieces, such as...
Ottomans that double as storage
Coffee tables that double as a desk
Couches that double as beds (futons)
Millennials prefer a more sleek, minimalistic design pattern, which involves simple, clean design ideas.
4. Modern Design
Speaking of design trends, millennials love modern design. Elements of modern design include...
Mixing textures and materials
Neutral or "earthy" tones
Combining natural and industrial elements
If you look at older homes, you'll notice a lot of loud wallpapers and colored carpet. Millennials prefer a calming, simple space to come home to at the end of the day and this aesthetic is typically achieved through modern design.
5. Beautiful Exterior Design
Another space on the property that millennials prioritize is the outdoor setup.
Between the curb appeal and the backyard setup, this generation craves a cool, vibrant outdoor setup. When it comes to boosting curb appeal, projects can be as simple as adding fresh paint, updating address numbers, and adding some landscaping along the front of the house.
In the backyard, spruce up the patio/deck and stage it in a way that makes it look like "the place to be" in the summer. Common outdoor design elements for millennials include...
An outdoor grill
An outdoor fireplace
A stone, built-in firepit
And countless others. In addition to the landscaping you're doing for the front of the house, show the backyard a little love with some extra flowers and greenery.
Is Your Home Millennial-Approved?
While not all potential buyers are millennials, an overwhelming majority are.
Because of this, it's best to aim renovation or construction efforts at trends that target this demographic. Focus on modern design, a killer outdoor space, and open, multifunctional layouts.
Before you know it, millennials will be knocking down your door with offers!