Do you know that millennials making a lot of financial sacrifices to become homeowners? We know that millennials are a little late when it comes to buying homes. This is because they already have a lot on their plates. Millennials are juggling increasing living costs and staggering student-loan debt. Millennials are often delaying major life milestones, such as getting married and purchasing a home, due to their struggle to save money. How Millennials shop for a home?
Many millennials either live with their parents or are just more content renting than buying. And this is the reason both their parents as well as the press lament them. It is also why many people perceive that owning a home is not a main priority of this generation. However, we expect that millennials may soon push the US housing market forward since more first-time home buyers are entering the market.
According to experts, millennials imprint on home design is likely to span several decades and their expectations about technology will revolutionize housing. Millennials are well known as the picky generation that will purchase a $200 pair of jeans after a lot of research and trying on several different pairs in order to find the right ones. And how they shop for homes will be very similar.
They Prefer Going Online
This is probably not surprising at all. Millennials, as a generation, have been well known as the first generation that was exposed to the high-tech world of smartphones and tablets before adulthood. Also, note that millennials are about twice as likely to use their smartphones and tablets in their home search. Technology is an essential part of their home buying process.
According to the NAR, 94 percent of millennial buyers usually start by looking at various online listings. They also consider high-quality photographs (and video presentations) important when considering a listing.
They Look for Different Things in a Home
When it comes to purchasing their first home, millennials are surprisingly smart and frugal. Millennials are more likely to make financial sacrifices in order to own a home compared to other generations. For this generation, home design is one of the important motivating factors.
Also, aspects like updated bathrooms and kitchens, green features, such as solar panels, a home office, an open floor plan, a great location, and good cell service and Internet service are the top of Millennials’ wish lists. Storage is also crucial, with a walk-in pantry, linen closets, and garage storage making the most desired features. Compared to other generations, they are more likely to purchase smaller, and used homes. Millennials also place high emphasis on convenience and affordability. And proximity to the workplace is often cited as important to Millennials.
Millennial Couples Purchase Homes before Marriage
Unmarried millennial couples purchase homes together, preferring homeownership over marriage. Note that only 26% of millennials in the US are married compared with 36% of Generation X, and 48% of baby boomers. It is no secret that the trend of unmarried millennial couples purchasing a home together is becoming more prevalent.
Final Thoughts
How millennials shop for a home? Millennials usually prefer open space layouts and try to buy homes using the latest technologies. This indicates that these buyers long for homes equipped with smart and modern features.
