A new real estate survey from Better Homes and Gardens suggests Millennials have different tastes in homes:
Better Homes and Gardens® Real Estate today released national survey findings of 18-35 year-old Americans that reveal the next generation of homeowners are rewriting the rules to homeownership and reinterpreting traditional norms to fit their values. Results indicate that the next generation of homeowners seeks essential, purposeful homes (77%) equipped with the technological capabilities they have grown accustomed to, as opposed to stereotypical luxury homes preferred by many in their parents’ generation. The findings also demonstrate that 82 percent of “Millennials” surveyed embrace their independence with gusto and prefer to handle home improvements on their own instead of turning to their parents for money; a stark contrast to the general misconception that paints young Americans as coddled or entitled.
“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,” said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “These survey findings allow our brand to continue to best serve the next generation of homebuyers and find homes that can or do appeal to their lifestyles and unique spirit. 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.”…
Unlike their Baby Boomer parents, 77 percent of Millennials surveyed would prefer an “essential” home compared to a grand stereotypical luxury home. This generation wants their living quarters to be as unique as they are; more customized and less “cookie cutter” (43%). To that end, Millennials seek for each room of their home to serve a purpose fit for their lifestyle. For instance, 1 in 5 of survey respondents agree that “home office” is a more appropriate name for their dining room based on what they typically use it for, and 43 percent would like to transform their living room into a home theater.
If this is true across the board for Millennials, what sort of current housing options appeal most to them? Gentrifying neighborhoods? Urban lofts? New Urbanist developments? It would be fascinating to see some builders and developers go after this age group like they might with Dell Webb type communities that are clearly intended for a certain age range. However, this might not be as lucrative as providing housing for older buyers and such a sales pitch might go against the independent streak of Millennials…
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