Millennials are realizing the importance of home ownership at an early age. While they are taking command of the work force, their needs and wants are also shaping the housing and design industries for the future. Baby boomers had a different outlook and need for the homes that they purchased in the past. However, millennials seem to have amenities, price and technology at the forefront of their needs.
Prime Features and Amenities
When it comes to housing, millennials aren’t afraid to work for what they want. They are also at the heart of what it means to have their own home. While the times have changed since the baby boomers first hit up the home scene, millennials are concentrating on prime features and special amenities. No matter if they’re turning a dwelling into something contemporary or purchasing something custom, they want to have everything that they need nearby. From the hottest restaurants and clubs to shopping and coffee shops, they aren’t willing to forego these important features. They are also looking for particular neighborhoods that focus on affordability. Townhomes and condominiums are other prime choices because many of them come with security, health clubs and other perks such as special parking.
High Rated Schools
For individuals with children, finding a home that is in close proximity to good schools can also be a plus. Instead of finding the home of their dreams, they may give up on such luxuries such as top rated appliances, eco-friendly hot water heaters, a pool and spa or large backyard in favor of a district that has the highest test scores and student productivity. Excellent schools will also help when the millennials want to go sell their home in the future. In a recent real estate survey, approximately 50 percent of millennials said that school district quality could cause them to skip purchasing a home, compared to 30 percent of the total buyers.
Technology in the Home
Today’s homes are equipped with the most modern of technology. Green features can include solar panels and skylights, built-in recycling cabinets and energy-efficient appliances. They also have the capabilities to have camera features, and the ability to monitor their security systems at work or on vacation through their smartphones and tablets. In addition to these intricate features, millennials also want other technological advances such as being able to turn on their lights before they get home and navigate their thermostat via iPad. While homeowners were once at the mercy of their pipes bursting while away overseas, technological advances make it easy for them to get an alert sent by way of text message when a pipe bursts or a basement has flooded.
Easy to Manage and Affordable Options
Millennials and baby boomers are both in search of smaller living spaces today. However, when it comes to home designs, millennials are foregoing the traditional and lavish styles. While they’re making a pretty penny at such an early age, they have their eye set to the future and savings. Instead of stretching their budget beyond their means and credit poor, they are looking for modern dwellings that are environmentally-friendly, energy-efficient, inexpensive and comfortable. They know that it’s not wise to spend money heating and cooling rooms that they’re not going to be spending much time in. While dining rooms and huge kitchens were once popular options, millennials are into dining out. They also want multi-purpose living arrangements that are open concept. They see holidays and family get-together as an occasional occurrence, and they would much rather have a home that is practical than ostentatious. They also have their eye on media rooms instead of a formal great room for socialzing and entertaining their family and friends.