More Than Mid-Century: What Do Millennials Want in Buying a Home?
Getting to the Heart of What Millennials Are Searching for When Buying a Home
While many people cringe when they hear the terms “millennial” and “mid-century” in a sentence, there’s more than just trendy design fixtures on the average millennial’s mind when it comes to buying a home. While there’s much to love about the sleek, minimalist lines of mid-century style, it’s less about a specific style for the millennial demographic; rather, “millennials value design that reflects their own individual tastes,” according to Home Accents Today.
So what else are millennial homebuyers searching for when it comes to owning a home? We’ve done the research to discover there are five things truly essential elements that millennials look for when buying a home – read on to learn more.
New Home Appliances
After surveying 1,000 millennials, North Shore Fireplace released a unique set of findings surrounding millennials and their home buying habits. According to the survey, which offers each survey participant a hypothetical opportunity to use a $300,000 budget to “get them closer to the home of their dreams,” 75% of millennials place new appliances as the number one priority in a home.
For sellers, this means that you should strongly advertise any appliance upgrades in your marketing materials. If you’re having trouble selling your home, a selective appliance upgrade in the kitchen and laundry room might get you across the finish line!
Likewise, the survey also suggested that 47% of millennial homebuyers want to invest in green technology. Whether that’s installing solar panels on a home’s roof, investing in energy storage, or turning the home into a smart home with things like programmable thermostats and lights, modern green technology weighs heavily on the minds of millennial buyers.
Location, Location, Location
Across the board, real estate agents, buyers, and studies alike all emphasize that millennials prioritize location over amenities when it comes to buying a home.
Factors such as proximity to a central downtown or city area rank among the strongest pulls for millennial buyers, followed by moving to a better or trendier neighborhood. Also on the list: moving to a better school district. Location talks, and millennials are willing to pay more to live in desirable areas.
Strategic Use of Space
According to interior designer experts Bobby Berk and Farah Merhi, the utility of space within a home is a key factor that influences how millennials rate potential homes. In Berk’s experience, “millennials prefer smaller homes that maximize the space in a smart, functional way over huge houses. They also like homes that dedicate more square footage to the rooms they spend the most time in, like the great room, kitchen or outdoor room.”
What does this mean for sellers? Homes no longer have to be more than 2,000 square feet to be competitive in the home market. A 1,200 square foot home that offers a chic, open floor plan with plenty of attractive living space matters more than an extra bedroom to the average millennial buyer.
Opportunity for Individualization
Researchers and designers alike preach that millennials crave individualization — and homes are certainly no exception. For millennials, it’s less about buying a bungalow home, or a Victorian home. It’s more about the potential of a home’s interior to be cultivated into a cozy, functional space.
Millennials want a space to “relax in at the end of the day and build memories with family and friends.” Key things for home sellers to consider: when showing your home, don’t allow too much clutter. Show your home as a canvas, a blank slate for millennials to envision their unique home.
If you’re a millennial buyer, what do you look for in a home? Weigh in, we’d love to know!