With the total headcount nearing the 90 million, millennials make up the largest living generation in the US. Ranging from early teens to mid-thirties, millennials are going to and have already begun to make up a significant proportion of potential homebuyers and renters. Knowing what this generation is looking for in a home is therefore key to home sellers and investors.
What Millennials Like In A Home
According to a late 2016 study that looked at 1,000 millennials across all fifty states, the main things millennials look for in a home are new appliances (such as a fridge, oven, dishwasher, washer/dryer, etc.), a large master bedroom, a two-car garage and energy efficient add-ons (like solar panels), among others. Find the rest of the list here.
According to this article, other desirable features include a laundry room (55% of millennials say they wouldn’t buy a house that doesn’t have one) and exterior lighting (88% consider it to be “essential or desirable”). This generation also appreciates a house with smart home features (things like smart alarms, remotely programmable thermostats, etc.), easy maintenance and wood flooring.
For more features that attract millennials, click here.
What Millennials Dislike In A Home
According to this article, 70% of millennials consider outdated design and construction features to be a problem. Linoleum floors and popcorn ceilings are at the top of the list.
Tips For Home Sellers & Investors
- Make all upgrades and repairs before listing.
- If possible, incorporate energy efficient features and smart home features.
- Be active and up to date online because websites and photos are important! For 99% of millennials, the first step in looking for a home is searching online. In one study, 58% of participant found their home on a mobile device (per this website). Listings that include photos consistently have more success than those that don’t.
