With the total headcount nearing the 90 million, millennials make up the largest living generation in the US. Ranging from early teens to mid-thirties, millennials are going to and have already begun to make up a significant proportion of potential homebuyers and renters. Knowing what this generation is looking for in a home is therefore key to home sellers and investors.
What They Like
According to a late 2016 study that looked at 1,000 millennials across all fifty states, the main things millennials look for in a home are new appliances (such as a fridge, oven, dishwasher, washer/dryer, etc.), a large master bedroom, a two-car garage and energy efficient add-ons (like solar panels), among others. Find the rest of the list here
According to this
article, other desirable features include a laundry room (55% of millennials say they wouldn’t buy a house that doesn’t have one) and exterior lighting (88% consider it to be “essential or desirable”). This generation also appreciates a house with smart home features (things like smart alarms, remotely programmable thermostats, etc.), easy maintenance and wood flooring.
For more features that attract millennials, click here
What They Dislike
According to this
article, 70% of millennials consider outdated design and construction features to be a problem. Linoleum floors and popcorn ceilings are at the top of the list.
Tips For Home Sellers & Investors
- Make all upgrades and repairs before listing.
- If possible, incorporate energy efficient features and smart home features.
- Be active and up to date online because websites and photos are important! For 99% of millennials, the first step in looking for a home is searching online. In one study, 58% of participant found their home on a mobile device (per this website). Listings that include photos consistently have more success than those that don’t.
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