Everybody and their uncle knows that Millennials will be integral to the housing recovery, but what do they actually want in a house?
The Millennial generation, which encompasses Americans born between the early ’80s and early 2000s, is the largest generation the U.S. has ever produced. Topping out at a whopping 77 million, the Millennials are the first generation of the computer age, and as such, they hold enormous sway on the future direction of the U.S. economy – particularly when it comes to housing.
What features in real estate, though, will come to define Millennials? After perusing some recent research on the matter, we’ve got four things you keep in mind:
1. Turn-key Kitchens/Baths – Younger homebuyers have more limited budgets than investors or repeat homebuyers, so chances are the bulk of their finances will go towards a home’s downpayment and furnishings; therefore, home’s with turn-key-ready features, particularly updated kitchens and bath, will be very valuable, considering those are among the most expensive areas of a home to update. Also, for Millennials, a kitchen is not simply a place to cook – it’s a multifaceted hangout spot where cooking happens to take place; with that in mind, keep an eye out for open kitchens that allow such use.
2. A Home Office – Millennials represent the most mobile workforce we’ve ever seen, and their homes should reflect that. With more and more people either working partially or fully at home, listings with home offices (or, at the very least, a space that can be adapted as such) will be in high demand.
3. Technological Innovations – Continuing in that vein, homes that are technologically adept (think Internet service providers, strong cellular phone networks, etc.) will also be hot commodities. Though that does not necessarily rule out rural properties, it does mean that you should be up on the limitations of certain areas.
4. Location, Location, Urban Location – “Location” is the everlasting mantra in real estate, but with Millennials, the topic has received a definite boost of urban sensibility. Walkability and public transportation are huge concepts with Millennials, and though single-family homes are still the prevailing choice among consumers, more and more are increasingly wary of remote, car-dependent exurbs.