What Millennials Want in a Home

Millennials are now the largest generation since baby boomers and since 2018 have made up 37% of home buyers, meaning that real estate is becoming more and more tailored to what this generation is looking for in homes.

Whether you are a millennial, know a millennial or are working with a millennial on the process of home buying or home renovating, knowing what this generation is looking for will save you time, money and a whole lot of stress coming into this season.

Some things don’t change, such as prioritizing great locations but millennials care a lot more about access to public green spaces than the previous generations have. Given their limited budgets, flexible work schedules and tech-heavy lifestyles, their home buying needs are vastly different from previous generations.

Those born between 1980 and 2000 know exactly what they want: airy, minimalist spaces that incorporate elements of nature and their personal aesthetic. There is a low inventory of homes on the market, but that’s not stopping them from fighting for what they want in a home.

Due to the Millennial generation spanning those in their early 20’s to those in their late 30’s their needs differ slightly on factors like children/pets but all in all are looking for the same things at the end of the day. 57% of Millennials like living in the suburbs so they have larger backyards and access to public areas, but with a lot of nature present and available. 

“As a whole, millennials are very interested in a sense of community and place a priority on the neighborhood,” says Kerron Stokes, a real estate agent with Re/Max Leaders in Denver. “ Younger millennials in Denver are often buying their first condo or a house where they can bring in roommates to share expenses.

Older millennials are selling their urban homes and moving toward the suburbs where they can be closer to the mountains and to good schools.” The idea of buying a home to fix it up, just doesn’t align with the millennial generation, or at least most of them. Almost ⅕ of college graduates today are $100,000 or more in debt which can make buying a home in the first place a difficult enough task, let alone pouring more money into a remodel. 

Amenities that are desired by millennials include but are not limited to; 

• Convenient location that’s walkable to shopping, restaurants, parks and other diversions and is ideally also close to their workplace.
• Multi-functional rooms like a guest bedroom that can also be used as a home office or workout area.
• Open floor plans combining the kitchen, living and dining areas, rather than a separate formal dining room.
• Outdoor spaces including decks, patios and gardens to make best use of total square footage and connect them with the natural world.

• Environmentally friendly elements like energy-efficient appliances, natural and sustainable materials, skylights and solar panels.
• Technology-driven automation, like smartphone apps to control lighting, temperature and entertainment systems.

It seems like a lot of what Millennials are looking for in their homes can be easily addressed for the most part, but finances are a lot tighter for them today than their parents, and grandparents at the same age. This can change the scope of what is available to them and what their priorities are when it comes to home owning and life in general.

This generation is concerned about quality, not quantity, hence why large ornate houses are trending down and smaller, modern, environmentally friendly homes are on the rise. 

The vast majority of Millennials are prioritizing nature when it comes to their homes. Amenities such as gardens, pools, larger backyards and easy access to parks, walking trails and community gardens/learning centers are a highlight for this generation. They want to be connected to the world around them, socially and with nature.

More millennials own animals than have children, which requires low maintenance flooring and backyards on top of a bit of financial flexibility. These factors are also why Millennials are looking for natural wood interiors and exteriors, the connection to nature, the environmental impact and the lower maintenance.  

Commuting is becoming more of a thing of the past for this generation who have no problem working from home so being in a great neighborhood and having control of their homes is very important to them, they want to belong.

Community is needed for Millennials who put high value into their social lives and entertainment, creating community with their neighbors and the guy who bags their groceries. Open floor plans work incredibly well with this generation, quite literally breaking down the walls of generations before them to bring more and more people together. 

Knowing what Millennials are looking for when it comes to buying homes is essential to getting this generation settled and into the next phase in their lives, and will be beneficial when it comes to furthering the economy and life as a whole.       

Reach out to us with any questions and or product needs. We have been working on quite a few of these indoor/outdoor projects lately for both new construction and remodels and are happy to help.