Millennials, or Generation Y, are those born between 1977 and 1995 (or 1980 and 1995, according to some). The 90 million Millennials in America today make up the largest generation in history.
Millennials are the first generation to have grown up with the internet. To them, cell phones, tablets, touch screens, and Wifi have just always been. Life without these technologies is unimaginable. Millennials’ lives are individualized and customized by technology, and this is what they have come to expect in everything, including home buying.
Millennials and Home Buying
The Great Recession of the 2000s affected millions, and not only those who suffered direct losses. Millennials were still growing up, and they observed the world around them as businesses went bankrupt and homes were foreclosed on. Many have since put off getting married and starting families because of their hefty student loan debts or inability to find a good job. The name “boomerang generation” has come from the huge number of Millennials who moved back in with their parents.
Eighty-six percent of Millennials agree their housing budget is better spent on owning a home than renting, but the Great Recession left them cautious about home buying. For them, owning a home is not about status, but about security.
Millennials tend to purchase smaller homes first, preferring to wait to buy something larger later. And since the job market today often means relocating, they don’t expect to stay in one house for longer than ten years; they buy with that in mind.
What Millennials Look for in Houses
Most Millennials buy a house with a current or future family in mind. The Washington Post reported a trend of Millennials looking for the perfect “surban” location to live—the right combination of suburban and urban life. The city doesn’t offer enough space, but suburbs don’t have enough energy, so Millennials look for up-and-coming suburban areas with boutiques, microbreweries, parks, and schools all nearby.
Of course, some Millennials choose to live in the heart of the city to avoid a long commute. Others prefer the plains of the Midwest where they can more easily sustain themselves. But with marriage and families, more are choosing surban areas.
Their observations through the Great Recession taught Millennials to be frugal, but they still want good value and quality for their dollar. Here is a list of must-haves in the ideal Millennial home:
- In the kitchen, high-quality, stainless-steel appliances, recessed lighting, stone or granite countertops, built-in wine coolers, and upscale cabinetry.
- In the bathroom, glass or stone, vessel sinks, motion light sensors, dual rain showerheads, wall-mounted double-handle faucets, and brushed nickel.
- In the home, open floor plans, a wine cellar, workout rooms, media rooms, and playrooms for the kids.
Just Want a Fast Home Sale?
As you can see, most Millennials have very specific tastes. In some cases, your house will be a close or perfect match. In others, renovations to add these features will cost more than it would be worth, and marketing to a different demographic will be your best bet. A good real estate agent may be able to help you make these decisions.
Whether or not you target the Millennial demographic, selling your house fast may be an even better option. A great way to secure a fast sale is by bypassing the traditional route and selling directly to an investor.
We Buy Houses Houston buys houses as-is in Houston, around Texas, and in other parts of the country. We don’t require any inspections or repairs; just contact us, and we will make you a purchase offer in 24 hours without applying pressure to accept.
We Buy Houses Houston has a proven track record that you can trust—in our twelve years in business, we’ve bought $26 million of real estate. For many homeowners, this has been a better option than spending their time and money on marketing, home repairs, and improvements. Contact us today to see if we are a good option for you.