Born in the 1980s and 1990s, millennials are a driving force in the real estate market. For the past few years, they have been the largest group of homebuyers. Although they have been stereotyped as having little desire to own things like houses and cars, as this generation grows older, homeownership becomes more attractive. Below are some things millennials want when buying a house.
Move-in Ready Homes
One of the biggest priorities for millennials is a move-in ready home that doesn’t need any work. Half of all millennials say that they would prefer to purchase a brand-new home to avoid repairs, renovations, or potential problems. They want updated kitchen and baths with contemporary fixtures and newer appliances. They don’t want to spend the time of the money to fix issues with a home or outfitting it with updated hardware.
Like many first-time homebuyers, millennials have lower incomes than older buyers and less cash in the bank. On top of that, many millennials carry significant student debt. For these reasons, a move-in ready, low maintenance home is at the top of millennials’ want list.
Millennial homebuyers want their homes to be inviting, open, and multifunctional spaces. They want open floor plans, large kitchens, and home offices. Also, buying a home that is both energy efficiency and technologically up-to-date is important to millennial homebuyers.
Buying in Suburbia
Many people typically think that young, single millennials live in urban areas. But in reality, only 25% of millennials live in cities. And almost half of all millennials already live in suburban communities.
When searching for homes to buy, most millennials look to the suburbs. Millennials want space to raise their families. Compared to most buyers, millennials want bigger homes. Almost half of all millennials want four bedrooms or more in their homes. Also, they want parks, green spaces, fresh air, and room for their families to spread out.
Proximity to Jobs and Cities
In addition to wanting to purchase homes in the suburbs, millennials also want to be close to their jobs. Most choose the neighborhood where they buy a home based on its proximity to their workplaces. And even though they may not want to live in the city, they do want to live close enough to the city for day trips.
Space for Their Dogs
Millennials love their dogs and view them like family members. In fact, one-third of all millennial homebuyers list their dogs as one of the primary reasons for buying their current home. And for prospective millennials homebuyers, 42% say that a good space for a dog is a priority to them, even if they don’t own a dog yet.
Dog-loving millennials want a home with a yard and even dog-specific amenities in a home. They also look for neighborhood dog parks or a home that is close to a dog park so that their pooches can socialize.
Helping Millennials Find Their First Homes
BCZ Homes sells newly renovated, move-in ready, low maintenance homes in desirable locations that you and your family can grow into.
To learn more about buying a home in Connecticut, contact BCZ today. Call 475-266-6999 or visit BCZhomes.com and tell us what you’re looking for. As the Connecticut real estate experts, we want to help you find your new home!
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Millennials are a driving force in today’s real estate market. But what do millennials look for when buying a new house?