There’s no doubt that the millennials have entered the housing market. While business owners were skeptical about hiring millennials a few years ago, the housing market is now the next millennial-facing industry. Specifically, millennials currently make up 35 percent of the housing market throughout the United States and approximately 68 percent of first time home buyers also fall into this same age bracket.
So, what are they looking for in a new home? A recent article on millennial home buyers has revealed their top 10 home feature preferences. Let’s take a closer look.
Most Popular Home Features
The top item on the list of must-haves for millennials is a separate laundry room. And they’re not alone. An estimated 92 percent of all homebuyers want a specific room to do their laundry in. Second on the list is another fan favorite for both millennials and average homebuyers, outdoor lighting. An impressive 90 percent of all homebuyers agree that outdoor lighting is a main priority. This includes both backyard lighting and porch lights. Millennials are also highly interested in other outdoor features as well, including patios, front porches and decks. Which rank in the top 3 for most desired outdoor features.
The next must-have feature for millennials has sparked numerous topics of debate as the National Association of Home Builders found that millennials want living rooms. They also want open floor plans and have specific master bathroom needs. Most millennials in the study stated they prefer both a shower and a tub in the master bathroom. It appears that millennials have a strong tendency to stray away from the less is more ideals when it comes to their floor plan.
Among other features that millennials strongly desire are: ceiling fans, hardwood floors and energy efficient appliances. However, these again are very similar to what the clear majority of all homebuyers are interested in. Namely, 86 percent prefer ceiling fans and 82 percent are looking for a home with hardwood floors. Another thing that has widely spread across generations is the understanding and desire for energy efficient appliances. 90 percent of all buyers want a home with them. Whether they’re ready to buy or not, it seems like the next generation of homeowners know what they want.
Beginning a Home Search
When beginning a home search, these are all features that you should take into consideration and decide your preferences on. Knowing what you’re willing to compromise on and what you’re not will make the process easier. Also, be sure to communicate all these desires and their level of importance to your realtor. Once all your home buying desires are decided and discussed, you’ll find that the house hunting process will be much less tedious.