Millennials in Real Estate Infographic

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Information about Millennials in Real Estate Infographic

Published on June 29, 2016

Author: aspirenjmag

Source: slideshare.net

1. MILLENNIALSWHAT ARE THEY LOOKING FOR IN REAL ESTATE DESIGN? MILLENNIALSA topsy-turvy economy and collective student debt have made homebuying a difficult prospect for the millennial demographic, but this group is beginning to leave its mark on the real estate market and significantly impact trends in home design. Though millennials may take their time to purchase homes compared with previous generations, they are increasingly looking to buy, and they have some definite ideas about the types of home designs they’re willing to sign on the dotted line for. Because this up-and-coming group is pushing home design in exciting new directions, the real estate industry is taking notice of just what it is that millennials want in a home.

2. SIZE MATTERS Millennials are, by and large, a practical bunch. They know all about debt with their sizable chunk of student debt following them around for years, so they do not want to incur more debt than necessary when it comes to a home mortgage. For this reason, millennials are opposed to the “McMansion” designs and are content to purchase homes that are small. In many cases, of course, it’s the smaller spaces that are within the millennial budget, but as a group concerned about energy efficiency and reduced waste, millennials simply prefer home designs that are compact and tidy. REPRESENT 68% OF FIRST TIME HOMEOWNERS LESS EMBELISHMENTS, MORE QUALITY Although there are exceptions, millennials aren’t likely to be impressed by crown molding or luxury embellishments that come with substantial price tags. In terms of design, minimalism drives the millennial aesthetic, so an abundance of “showy” features isn’t something this crowd looks for when home shopping. On the other hand, millennials are interested in quality materials. They aren’t going to be impressed by inferior building materials and may, in considerable numbers, be in search of durable environmentally friendly materials when searching for homes.

3. OPEN FLOOR PLANS Open floor plans are attractive to millennials for a few reasons. Millennials dislike a lot of partitions because they enjoy the flexibility of an open space. Millennials are social and like to entertain, so the open floor plan gives them the room they need even if the overall square footage is on the small side. Millennials also like to live casually, so the notion of different rooms for this or that activity (i.e. formal dining room) is simply not a high priority for them. In smaller homes, open floor plans keep the space from feeling closed and more compact than it actually is. Millennials are very social and prefer spaces that are easy to entertain in.

4. LOW MAINTENANCE A large landscape isn’t something that millennials want to tend. They’d rather spend their free time enjoying a barbecue on the cement patio with friends than mowing a large lawn. The same holds true for the interior. Millennials prefer new spaces to older ones that require a lot of work and a lot of extra investment. Millennials prefer highly efficient homes designed with quality materials so they can enjoy their homes without having to work ceaselessly to maintain them. For this reason, home owners selling a finished home will attract more millennials than homeowners with older homes requiring a lot of elbow grease. MULTIFUNCTIONAL SPACES Dining room and office or bedroom and home gym--the millennial is all about functional spaces. Because millennials tend to care little about the traditional formality when it comes to home design, they are content to attach multiple purposes to each space. Millennials are less concerned about formal living rooms and more attached to open kitchen spaces where they can entertain while cooking. An office space in a kitchen nook or a game station in the living room isn’t something that will ruffle a millennial’s feathers.

5. TECH EFFICIENT Millennials would much prefer to purchase a smaller “smart” home than a larger home that’s technically deficient. This generation is all about technology and smart gadgets. In fact, millennials are driving the tech-friendly home design movement with their savvy know how and attraction to all things tech. Plenty of outlets and an emphasis on heating and cooling efficiency are paramount to millennial home buyers. Homes that come with tech-savvy features will certainly appeal to this generation of real estate buyers. BELIEVE BUYING A HOME IS A GOOD FINANCIAL INVESTMENT84% DESIGN ORGIGINALITY Millennial homebuyers may be looking for a good deal, but they don’t want to settle for a cookie cutter design. Millennials value innovation and originality. Aside from the minimalist aesthetic, many enjoy industrial concepts when it comes to design. If they do take design cues from a retro era, they often gravitate to Mid-Century Modern designs popular during the 1950s and known for their sleek streamlined aesthetic. Unusual floor plans and unusual materials do not put off the millennial home buyer as they might a buyer from another generation.

6. Find out more millennial design trends: www.ASPIREMetro.com to learn more! Millennial homebuyers are certainly impacting new trends in home design. This group is financially conservative for a number of reasons, but they will spend on designs that meet their current needs like flexible spaces and advanced technology features. Millennials aren’t interested in investing in the more showy features that earlier generations cared for; they simply want to enjoy life in the here and now and opt for a space that supports their current lifestyle. Practical, functional, and excellent quality materials are hallmarks of the millennial home. Moreover, these sound principles that guide this group’s home-buying decisions may not even be confined to them for long. There’s every possibility that many home buyers in other demographics will gravitate toward these design trends too as they make sense--even good fiscal sense. SOURCES FOR DATA: Ballinger, Barbara, “What Millennial Buyers Want (Now),” Realtor Mag., 10/2014.(http://realtormag.realtor.org/home-and-design/architecture-coach/article/2014/10/what-millennial-buyers-want-now” http://realtormag.realtor. org/home-and-design/architecture-coach/article/2014/10/what-millennial-buyers-want-now)Carrion, Angelly, “House Hunting Habits: Millennial Edition,” Philadelphia Property, 9/2015. (http://www.phillymag.com/property/2015/09/16/millenni- al-home-buying-trends/” http://www.phillymag.com/property/2015/09/16/millennial-home-buying-trends). Kayla, Devon, Lindsay Machak and Laura McNulty, “Millennial Home Buyer: Fact vs. Fiction,” Builder, 01/2015(http://www.builderonline. com/design/consumer-trends/millennial-home-buyer-fact-vs-fiction_o” http://www.builderonline.com/design/consumer-trends/millennial-home-buyer-fact-vs-fiction_o). Johnson City Area Home Builders Association, “What Millennials Want in a Home,”(http://www.jcahba.org/index.php/78-demo-contents/155-what-millennials-want-in-a-home” http://www.jcahba.org/index.php/78-demo-contents/155-what-millennials-want-in-a-home). KSBW.com, “How Will Millennials Influence Future Home Designs?” (http://www.ksbw.com/real-estate-essentials/how-will-millennials-influence-future-home-designs/28029440” http://www.ksbw.com/real-estate-essentials/how-will-millennials-influence-future-home-designs/28029440). Little, Shelley, “Why Millennials Are Moving Design Trends,” Fresh Home, 08/2015. (http://freshome.com/why-millennials-are-moving-home-design-trends” http://freshome.com/why-millennials-are-moving-home-design-trends). McLaughlin, Camilla, “What Millennials Want in a New Home,” New Home Source. (http://www.newhomesource.com/resourcecenter/articles/what-millennials-want-in-a-new-home” http://www.newhomesource.com/resourcecenter/articles/what-millennials-want-in-a- new-home). Follow Us/ Like Us!

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