The millennial generation is showing differing housing tastes than their parents’ generation. For example, millennials say they prefer smaller, functional homes than sprawling “McMansions,” and they’re not interested in “cookie cutter” homes that look like everything else on the block. Instead, this generation of do-it-yourselfers wants to put their individual stamp on their home and make sure it reflects them and their tech-driven lifestyle.
Millennials are the next big demographic of home buyers emerging in real estate.
“It’s critical that real estate professionals understand what embodies a quintessential home for the millennial generation, which vastly differs from the traditional norms of generations before them,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. Better Homes and Gardens recently conducted a survey of 1,000 adults aged 18-35, known as “Generation Y” or the millennial generation. “Understanding technologies to communicate with this generation is now only one piece of the puzzle for agents; smart technological capabilities must now be ingrained into the home itself.”
About 30 percent of millennials surveyed say they prefer a “fixer-upper” home rather than a home that needs only a few repairs.
They desire homes where they can entertain, and they don’t necessarily need all the upgrades. Fifty-nine percent said they prefer extra space in the kitchen for a TV rather than having a second oven.
They’re also technology driven and they want their homes to reflect that too. Forty-one percent of Millennials surveyed say they are more likely to brag to a friend about a home automation system rather than a newly renovated kitchen. Seventy-seven percent say they want a home with technology capabilities.
They also want each room in their home to have a purpose. One in five of Millennials surveyed said they’d prefer the name “home office” be used for their dining room since that’s how they would usually use it. Forty-three percent said they’d like to change their living room into a home theatre, according to the survey.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
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