Researching for this blog has been a bit more difficult than researching for the previous generations. The millennial generation were born 1980 to 2000. This puts the oldest in the generation in their early 30’s and the youngest are just entering their teens. Many of the older millennials are still either renting of living in their parents home due to the housing bust, high unemployment rates and high college debt. This is quickly changing as the housing market levels off and employment opportunities increase. As they do entering the housing market, more information about their expectations, wants and needs are emerging.
- While many millennials are do-it-youselfers, they want homes that are move in ready.
- While Generation X found smart home technology convenient, millennials find it a necessity. Being able to connect with and control all aspects of their home from virtually anywhere, may seem over the top to most people, but to the latest homebuying generation it is common sense.
- Energy efficiency may not appear on their list of needs/wants, this isn’t because efficiency isn’t important, but rather, efficiency is the norm. To this generation listing energy efficiency as important would be like listing indoor plumbing as important…
- Size does matter! The millennial generation will NOT pay for a home with extra space they won’t use. This generation isn’t going to buy a home their family will “grow” into. Their home will fit their family and lifestyle now, if their family and lifestyle change, their home will change at that time.
- Building new is the best option for many people in the millennial generation. More and more first time homebuyers are immediately entering the homebuilding market to meet their homeownership needs. This ensures they are getting the most current advancements in energy efficiency, design, and technology.
It will be interesting to see the changes the millennial generation will make to the housing & real estate markets. One thing is for sure, their expectations are driven by technology, which is ever changing and evolving.