Millennials are Ready to Buy Homes

 

Millennials—that generation preceded by Gen X and followed by Generation Z—were born between 1977 and 1995 and are now married with children and buying homes.

This generation grew up with technology and incorporates it without hesitation into every aspect of their lives. From accessing driving directions to ordering a ride to ordering food that comes with a ride, Millennials live with technology like it’s second nature. Streaming music and videos, shopping for clothes, sharing information, connecting on social media—these activities and more occur on digital platforms which Millennials have invented, designed, monetized, and melded into everyday life.

Characteristics of Home Buying Millennials

Millennials are not the generation that dealt first-hand with the Great Recession of the 2000s; they’re the generation that watched parents and family go through it, losing homes, businesses, and assets. They’re also the generation that graduated from college laden with debt and facing a job-poor employment market. Some of them have had to move back home, earning them the title “boomerang generation.” They’ve put off marriage, having children, and buying homes.

When Millennials do buy homes, they go slowly. They start by purchasing a small home, planning to buy a bigger house down the road. They don’t expect to stay in one geographic area for decades. They assume that job changes will take them to different cities and states, and they plan to sell houses and buy new houses with each job relocation.

Millennials as a whole are careful and responsible spenders. Owning a home is not about status to a Millennial; it’s about purchasing intelligently to have security. This generation sees homeownership as a better use of hard-earned money than renting.

What Millennials Look for in Home Buying

Millennials are as varied as their personalities when it comes to types of places where they want to live. Some desire sustainable living, growing their food and minimizing their carbon footprint. Others want to live close to work and will look for a downtown condo. Still others seek housing in city outskirts or suburbs where they can have a little space but not too much to take care of.

Millennials with children now find home-buying decisions driven by family needs and preferences. The Washington Post notes that many Millennials are looking for homes in areas where they have space—parks and backyards—as well as access to shopping and dining venues usually associated with urban living. The Post calls these hybrids “surban” areas: a blend between urban and suburban.

Careful spending is important to Millennials, but so also is quality. They don’t want to spend a lot, but they also don’t want cheap-grade products. They look for value with quality.

Elizabeth Weintraub at The Balance notes the following specifics that Millennials often look for in homes.

Kitchens

A kitchen with a butler pantry, artisan cabinetry, countertops of granite, recessed lighting, and finer stainless-steel appliances will attract a Millennial buyer.

Bathrooms

Brushed nickel, stone, glass, indirect lighting, motion-sensor lights, faucets mounted on the wall, dual showerheads, and vessel sinks are popular with Millennials.

Room Allocations

Chopped up older houses are not popular with Millennials except those who love the historical aspect of the home. Generally, they prefer open-plan home layouts, with rooms for home gyms, home theaters, wine cellars, second kitchens, and children’s play spaces.

If You Want to Sell Your Home Quickly

The home you want to sell may be perfect in all ways for a Millennial buyer. It may suit a buyer from a different generation instead. If you enlist the services of a good realtor, he or she will know how to market your home to find the perfect buyer.

Selling a home through a realtor is a common strategy for a home sale. Another strategy is to sell to a home buying company. While most people don’t wake up and say, “Today I will sell my house fast to an investor,” those who do find they’ve chosen a streamlined approach to home selling. It’s an approach that circumvents the usual necessary marketing efforts, repairs, showings, negotiations, and inspections.

Premier Austin House Buyers is a home buying company in Texas. We buy houses as-is in Austin and other parts of the state and the country. Our $26 million real estate purchase track record over ten years speaks for itself.

Your home may suit a Millennial buyer and it may not. In either case, if you prefer a quick home sale, reach out to Premier Austin House Buyers today, and we’ll make you an offer within 24 hours.

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Credit goes to The Washington Post, Cornerstone Home Lending, Keller Williams Realty, The Balance, and the National Association of Home Builders for information used in this article.