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Moving More Than Others: What Do Millennials Look For In A Home?

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Written By Lilly Miller

Millennial home buyers are moving more than others. Born between the early ‘80s and late ‘90s, Millennials are now the largest adult generation, making up a significant percentage of the real estate market.

From the younger Gen Y-ers renting their first apartments to the older Millennials looking to buy their first homes, this generation is truly driving the housing market at the moment. But unlike their predecessors, this young generation often has more limited budgets, more tech-focused lifestyles, and more flexible work schedules, all vastly different factors that are reflected in their choice of housing as well.

Millennials clearly have different priorities. And here are some of the most important aspects millennial home buyers tend to look for when renting or purchasing a home:

Prime locations

1. Prime locations

It comes as no surprise that great locations are among the most important factors for Gen Y when renting or buying a home.

As this is a highly educated and tech-savvy generation that is less likely to have children or be married compared to their predecessors, they often choose central locations in top cities such as Los Angeles and New York. These locations are close to schools and business centres, offer great transportation options, and are situated near all necessary amenities, even though they come at significantly higher costs.

For Millennials who are raising young families and prefer suburban areas, however, a good location is still crucial, including closeness to transportation, parks, public schools, jogging trails, etc.

2. Home offices

Even before work-from-home orders were imposed on the majority of the population, Millennials were among the first generations to shift towards full-time remote work in quite large numbers. As a result, this created a need for home office spaces in all rented and owned properties.

While an additional room is generally preferred, any space that is flexible enough to be converted into a home office can be of great help when attracting Millennials. What this generation really needs is a dedicated area where they can work and take calls all day, and any type of defined home office space will be equally effective.

Home offices

3. Great amenities

Easy access to additional, more interesting amenities is quite important for many Millennials, but it is another aspect that could drive up the prices of properties as well.

That is exactly why Texas has become one of the main spots for US Millennials, combining affordable prices, low taxes, and great locations. Here, comfortable Lubbock apartments for rent are increasing in popularity, as they offer incredible amenities such as extra storage, swimming pools, fitness centres, and business centres.

Renting such quality apartments in a state like Texas gives Millennials the opportunity to experience a more pleasant and comfortable life without the astronomical costs often associated with the most popular cities across the US.

4. Outdoor areas

Millennials appreciate nature and natural surroundings, as well as how spending time outdoors affects their health.

They are also a pet-loving generation that puts the needs of their dogs first. For that reason, suburban houses with access to plenty of green spaces are rising in popularity among Gen Y, due to the practicality and convenience they provide.

However, even rented inner-city apartments aren’t immune to this demand. It seems like apartments with large balcony spaces, communal gardens, rooftop areas, and other similar outdoor spaces tend to attract this generation as well, encouraging them to choose a more nature-oriented apartment over their conventional counterpart.

5. Smart features

As most Millennials grew up alongside the advancement of technology, it is not surprising they are looking for homes with IoT-enabled features as adults.

Aspects such as home security, doorbell cameras, smart locks, automatic lights, and smart thermostats are quite important for Gen Y, even with rental properties. This generation would like to control everything using an app on their phone, from the lights to the HVAC system.

When attempting to attract Millennials or encourage them to make a final decision, smart technological aspects are always great perks this generation is bound to enjoy.

Smart features

6. Open concepts

The trend of open-concept floor plans doesn’t seem to die down with this generation either. For Millenials who choose to buy or rent smaller urban homes, open concepts can offer a feeling of spaciousness and comfort that they might need when opting for tinier living. But even when it comes to more suburban Gen Y-ers, open floor plans are still reigning supreme.

Unlike their predecessors, this generation is quite social and enjoys entertaining friends and family as well as cooking together with their loved ones or engaging in other group activities. Open spaces give them the freedom and flexibility to continue this social lifestyle regardless of the home they live in.

Big Things Millennial Home Buyers Are Looking For in Real Estate

Here are some of the vital things millennial home buyers are looking for in the real estate market:

  • Prime locations.
  • Home offices.
  • Great amenities.
  • Outdoor areas.
  • Smart features.
  • Open concepts.

Millennials are now dominating the real estate market and bringing a complex combination of new trends and motivations with them. This young generation is completely reshaping the landscape, and understanding their unique demands will be crucial for captivating their interest.

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