4 November Millennials Are the Largest Group of Homebuyers Today: What Are They Looking For? November 4, 2024 By Melisa Rana Home Decor, Home Inspection, Home Maintenance first-time homeowner, home security, kids, new homeowner, pets, real estate 0 MILLENNIALS ARE THE LARGEST GROUP OF HOMEBUYERS TODAY: WHAT ARE THEY LOOKING FOR? November 4, 2024 | Home Maintenance, Home Decor, Home Inspection | first-time homeowner, new homeowner, real estate, pets, kids, home security It’s been a fight, but despite the slow start, Generation Y is now the largest population group of homebuyers across the real estate market. Millennials have had a tough go of it as many exited college either during the Great Recession or during the Coronavirus pandemic, all while saddled with all-time high student loan debt. In the face of these conditions, it certainly wasn’t the best time to launch a career or to fork up a hefty down payment for a house In spite of these hurdles, it seems that the wait is over. Millions are finally feeling comfortable transitioning from renter to owner, and their unique needs are having an effect on which properties are most sought after. Let’s take a closer look at exactly what this generation is looking for in their homes! Location is Key Millennials are considered to be anyone born between 1981 and 1997, often further divided between “older millennials” (those born between ‘81 and ‘89) and “younger millennials” (those born between ‘90 and ‘97). While many older millennials have already started their families, older and younger millennial couples are highly likely to prioritize homes with younger kids or future kids in mind. This means searching in areas with strong public schools and public green spaces to enjoy in the summers and on the weekends. Namely, the suburbs! Areas with decent proximity to necessary shopping outlets yet removed enough from the hustle and bustle of downtowns are likely to continue to be highly desired by this group of homebuyers. What is considered the ideal millennial neighborhood is also highly influenced by pet ownership. We’ve previously talked about how much millennials love their pets, but did you know that millennials make up the largest percentage of pet owners? According to Consumer Affairs research, 81% of millennials say they love their pets more than certain family members, one in four would sell their car to pay for life-saving procedures for their pets, and 86% consider their pets a key factor when choosing where to live. Time is at a Premium When it comes to the condition of the home, millennials are avoiding fixer-uppers more than other groups. This all goes back to an overall trend where young workers are devoting more and more time to work and less on leisure activities on the whole. Per a study from Bloomberg, millennials in 2021 had a notable change in their daily time allotment as work and work-related activities rose by nearly 20 minutes, while leisure activities dropped over 16 minutes. Others have noticed this time devotion shift as well, pointing towards a trend that millennials (and even Gen Z) are attaching their personal identities to their careers more than ever before. As a result, many millennials are staying late at work and going in early as needed, which cuts into the attention that they may have otherwise had for fixing up a starter home. Today’s millennials want to devote their attention to their kids and their jobs, which means low-maintenance, move-in ready properties and newer homes are highly desired. Note: Just because a home is newer does not mean that it is without its maintenance needs. Though millennials might forego an inspection to save on overall costs, missed issues in new homes can be costly down the road! Modern Functionality Lastly, real estate agents and builders alike have taken note of the modern demands that millennial home buyers expect, starting with a home office. Flex hours and permanent work-from-home arrangements have become commonplace, which makes functional workspaces an absolute must for the millennial household. Tying into this, millennials are part of the first generation to grow up with the internet, which means that a strong connection throughout the household is non-negotiable. Depending on the buyer, other amenities that embrace a new age of proptech can also be a major plus, whether that means a smart home security system, smart thermostat for extra savings, or control of all the home systems through a single mobile app. Outside of the tech side of things, millennials appreciate functional spaces that make life easier and allow them to entertain family and friends. It’s no secret that open floor plans and minimalist interior designs are in vogue today, and walk-in closets, pantries, and finished attic spaces are huge additional draws. There’s certainly a pattern to what millennial homebuyers are looking for today, but that also opens the door for any who are willing to invest a little time in restoring an older home, or for those who don’t mind a longer commute. For buyers who are entering the market for the very first time, just be patient and be willing to learn! For more on real estate market trends, home maintenance, and more - you’re in the right place! Looking to schedule an inspection for your very first home? Stick with National Property Inspections! Our expert inspectors know how to guide new homebuyers through the process and are happy to answer any and all questions. Comments are closed.