Things are upgrading because the reigns of the real estate market are now being passed to the millennial home buyers. The previous generations had to face harsh times during the 2008 market collapse, but things have achieved stability—thanks to the right measures by authorities.
The present millennial home buyer in the United States is not new to harsh times either. They have been fighting their own war with huge student debt and underpaying jobs. Despite all these hardships, generation Y is said to possess an unparalleled optimistic approach and a desire for driving change.
Where Do Millennials Prefer to Live?
This generation is termed as the most tech-savvy one to have ever existed. At the same time, they look for diversity and ease of mobility. Adding to the environment by using eco-friendly means is also something this generation cares about.
When it comes to deciding on the place to live, millennials prefer neighborhoods with walkable distance to mass transit means. The millennial home buyers want an added urban appeal to the community. The reason many are choosing to head to suburban areas is their loathing of traffic and congestion.
What Do They Look For in a Home?
The millennial home buyer likes things customized. They don’t go for generic trends and like to add their own touch to things. Since they have seen tough financial situations, most of them are frugal and like to keep things limited to a fixed budget.
The right use of space is also something they prefer. They’d rather have an open kitchen and a home theatre than a separate dining and living room. At the same time, Gen Yers love to add technology to their house. Their demand for convenience has changed the way real estate industry operated in the time of their parents. They will use their phone to stay in touch with what’s happening in their house and try to be as energy efficient as possible.
The Overall Impact
The last year saw millennial homeownership hit a 3-year high of 36%. This depicts that the millennials now hold a solid share in the market which is going to increase in the coming years. This generation has changed the way realtors, inventors, and constructors used to operate. They have everything available at a tap of their finger making deception difficult. Moreover, Gen Y has been great with building trust with real estate agents and has been using their help to purchase a property.
Lastly, most of the millennial home buyers consider their first home to be a stepping stone which means that they will end up moving to new locations and increasing their overall contribution to the real estate industry.