There have been a lot of studies, think pieces and discussions trying to figure out millennials. Business owners were skeptical about hiring millennials a few years ago and now, as this younger generation continues to grow and succeed in life, the housing market seems to be the next millennial-facing industry.
There’s no doubt that millennials have finally entered the housing market. In fact, they currently make up 35 percent of buyers throughout the United States. Approximately 68 percent of all first-time home buyers fall into this age bracket as well. But what do they want inside their homes?
Let’s take a look and see what millennials are looking for when it comes to buying a home.
Separate Laundry Rooms – Say what you will about millennials and their laundry habits, the majority of millennial homebuyers are searching for homes with an additional room just for laundry. Roughly 92 percent of homebuyers want a separate laundry room, coming in as the No. 1 thing millennials are looking for.
Outdoor Lighting – The second most desired feature for millennial homebuyers is exterior lighting. Roughly 90 percent of all people searching for a home in the current market want exterior lighting to illuminate their landscape.
Energy-Efficient Appliances – Another aspect of home-buying that cracks the top 10 for millennials is having energy-efficient appliances inside the home. (In fact, across every generation of homebuyers, 90 percent of people are looking for this feature.)
Hardwood Floors – Millennial homebuyers also prefer hardwood floors for their homes. Rather than choosing carpeting, approximately 82 percent of homebuyers are searching for properties with open hardwood floor plans.
There are still plenty of millennials who are ready to buy a home so these are the kinds of features they will be looking for when they are ready to enter the housing market. If you have any questions, please call me at 214-769-2947. I would love to help you update your home.
Beth Brake: Owner/Team Lead
Performance Driven Excellence
Information about Millennial homebuyers provided by Keller Williams Dallas Metro North.