May 15, 2018
Millennials. They’ve grown up in the technology boom. They’ve never been far from a computer, smartphone, or tablet. And they’ve been in the first-time home buyer market for almost two years now.
Home builders nationwide are asking themselves: What’s on the Millennial home buyers’ wish list?
While there is a litany of information about what Gen Y is looking for when purchasing a new home (if they’re looking to purchase at all), the best answers lie in identifying the correct segments of that market.
In order to build developments that connect with the next generation, home builders need to consider the Millennial home buyers’ wish list.
The quality of life values and standards of past generations don’t necessarily apply to Millennials.
The Gen Y crowd is interested in technologically-advanced amenities including widespread wi-fi capabilities, interactive signage, and events that promote technological engagement. Millennials tend also to be focused on diversity, community standards, and social activities.
Home ownership was once considered the American Dream for many. Due in part to the real estate crash of 2008, Millennials are more weary of long-term investments. Meanwhile, their use of social media and technology and their high rate of college education is forcing home builders to reconsider how they build the communities of tomorrow.
When trying to attract a younger demographic, home builders should consider residential spaces that offer work/live capabilities, proximity to mass transit, the latest advances in technology, and the option to either rent or purchase.
Due to increased use of social media, Millennials are more connected to family than previous generations. As a result, they’re more likely to want to live in close proximity to other family members.
The need to accommodate both Millennials and their Baby Boomer parents will have a tremendous impact on community development. As cities continue to grow, they’ll need to consider how they cater to the needs of bother generations within fairly close proximity to one another.
Many Millennials came of age or even entered the workforce during the Great Recession. As a result, their ability to advance professionally or financially was delayed in some instances.
Most Millennials want to be in areas that offer job growth and affordable housing without restricting their ability to buy and use all of the tech toys they covet. Affordability is key. Understanding how Millennial home buyers will address that issue is key to developing the right types of homes for the next generation of home buyers.
We’re always seeking more insights into the Millennial home buyers’ mentality. If you have anything to add to this wish list, please let us know!