Born between 1980 and 1995, the millennial generation is now prime homebuying age. With unemployment just over four percent and lenders touting low-cost loan programs for first-time buyers, more millennials are buying homes. So who are they and what do they want in a home?
As the most educated generation in history, millennials trust their own judgment. They know how to conduct research and make the best choices accordingly, and tend to be savvy consumers. Even the 66 percent who are first-time homebuyers tend to know more about the housing market than previous generations.
According to the National Association of REALTORS,® forty-nine percent of homebuyers 36 years and younger have children under the age of 18, 66 percent are married couples, 17 percent are single women, and 13 percent are unmarried couples.
As they grow with their families, they seek homes built with quality materials and sustainability in mind. Eight-foot ceilings are back in vogue for this group, as they seek to downsize their ecological footprint.
Social media, technology and demographic shifts are pushing trends faster than any other time in history, says the National Association of Home Builders (NAHB). Millennials want clean, contemporary lines and many are willing to sacrifice space for style. Lack of ornamentation is significant and intentional, says the NAHB, so sellers marketing to millennials should clear away clutter and excess furniture.
Millennial homebuyers choose older homes for the lower prices, but they want them to be as close to new in appearance as possible.