Purchasing your first home is a big commitment. Although it may seem like millennials would rather rent homes and apartments to avoid the responsibility of being a home owner, this isn’t true.
According to new data from Apartment List, 80% of millennials do have the desire to buy their own homes. However, economic factors are delaying the process.
There are some ways to attract millennials to home ownership though, like knowing what they are looking for. Here are some trends driving millennials to become home owners:
Budget & quality of life
There has been some negative talk about the way millennials choose to spend their money. When it comes to buying a home, millennials will give up luxuries in order to stay on budget. Millennials value experiences and look for homes they can enjoy spending time in with friends and family. They are practical and want to be able to enjoy their space with the money they have.
Millennials are slowly changing the housing market. Many desire some different criteria than past generations. Their priorities are different now more than ever. True value for them lies in the quality of life. They don’t want to give up their lifestyle to have their dream home.
Millennials are used to renting homes and apartments. This means that they are used to having a landlord take care of any maintenance problems. In the past, Gen Xer's were looking for fixer-uppers. Realtors were encouraging home buyers to buy a house and fix it up. With the busy lifestyles most millennial's lead, they are choosing to go against the norm. They want something move-in ready that doesn’t require a lot of maintenance. They would rather spend their time and money on things other than working on their home.
Eco-friendly features with home automation
In addition to community characteristics, millennials also are wanting specific, energy-efficient amenities inside and outside their home. In fact, millennials find sustainability and consideration for the Earth so important that they are willing to pay more money for products from companies that they feel are committed to helping social and environmental impact. Millennials are driving the push for companies to go green, whether that’s products they use and wear, restaurants and stores they support, or their own home.
Location, Location, Location
Location doesn’t just mean being in the city anymore. A lot of millennials are choosing to leave city life for Surban. Surban is the new suburban- a mix of suburban and urban. These affordable communities typically boast pedestrian-friendly retail areas, good public schools, and trendy restaurants.
Flexibility of Open Spaces
To close the deal with a Millennial buyer you have to show off, for example, how the spare room can be used either as an office or as a nursery. The home can even be used to generate income by renting out the garage apartment.
By implementing these trends and showing the millennial generation that the home buying process is not as stressful as they may think, they will be able to see the long term benefit of being a home owner.
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