During these unprecedented and highly uncertain times, the housing market has seen its share of woes. Despite the constant change, however, people, particularly millennials, find themselves searching for their forever home. In their quest, millennials are looking to find the perfect home and neighborhood to match a lifestyle that not only supports themselves but for their family as well. Today, we will discuss what millennials look for in a forever home and why these characteristics are important to this generation of homebuyers.
Affordable and Practical
When it comes to purchasing a home, it is no surprise that affordability is one of the most important factors for not just millennials but every homebuyer in the market. However, this generation, in particular, prefers a home that is not only affordable but practical as well. Generally, practicality for millennials means buying a home in a neighborhood that has walking or biking access to retail establishments, parks, and other recreational facilities. It also means that they are likely looking to avoid and steer clear of large homes that will be too overwhelming to maintain or manage. This goes back to finding a home that supports the millennial lifestyle, balancing convenience, practicality, and affordability.
In this technologically advanced society, working from home has become the new normal, and millennials will also search for a home that will offer them the perfect balance between home life and work life. This means that this generation will likely choose a modern home with an open floor plan over a traditional home with small enclosed spaces. An open floor plan offers and provides this generation the flexibility and versatility it needs to adapt to the ever-changing world as it can be used as a multifunctional space to support everyone’s needs. This type of floor plan also attracts millennials as it can provide them cost-saving benefits.
Millennials have now set a new standard for the housing market, increasing the demand for homes with these distinct characteristics. Because they have, the shift in taste has set an unprecedented concern amongst sellers of traditional homes. Modern architectural designs have also grown in popularity as it fully embraces and supports the millennial lifestyle. Because it has grown increasingly popular, sellers must consider and adapt to these changes in taste in the market to attract this generation and future generations of home buyers.