What Millennial Home Buyers Are Looking For in 2019

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Contrary to messaging in main­stream media, mil­len­ni­als are no longer children. The gen­er­a­tion born between 1981 and 1996 are in their twenties or even late thirties. So it’s not sur­pris­ing that many mil­len­ni­als are entering or are already in the home-buying market. With mil­len­ni­als expected to outnumber Baby Boomers in 2019, they’re a market segment you can’t ignore.

Mil­len­ni­al home buyers are motivated. The vast majority see owning a home as being more afford­able than renting. But they’ve also been called the pickiest’ gen­er­a­tion when it comes to real estate. They know what they want and are willing to wait until they find exactly that.

While past gen­er­a­tions may have looked at their homes as status symbols, mil­len­ni­al home buyers want something different. Their criteria for a new home include:

  • Sus­tain­able design.
  • Low main­te­nance.
  • Quiet sanctuary.
  • Comfort.

Sustainable Design

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Mil­len­ni­als are an altru­is­tic gen­er­a­tion. They are more socially-conscious than their pre­de­ces­sors. Whether it’s giving back to their com­mu­ni­ties or choosing brands with a green platform, sus­tain­abil­i­ty is at the forefront of their decision-making.

Archi­tects and home­builders need to keep this trend in mind as they are planning new com­mu­ni­ties. New builds with a focus on energy effi­cien­cy, including programs like Net Zero, will appeal to mil­len­ni­al home buyers.

Use of green building materials and tech­nol­o­gy will also hold you in good standing in the mil­len­ni­al market. Whether it’s energy-efficient appli­ances or smart ther­mostats, they will see these features as require­ments, not value adds.

Building with sus­tain­abil­i­ty in mind starts with building material selection. Insulated concrete block systems, like the Bautex Block Wall System, create a con­tin­u­ous and well-insulated home that will help keep energy costs down.

While mil­len­ni­als may prefer an energy-efficient home, they don’t want to pay more for it. Facing a com­pet­i­tive housing market and financial con­straints like high student debt, they are both socially- and budget-conscious. To meet this demand, builders need to select the right materials to keep con­struc­tion costs down, while still meeting green building standards.

Low Maintenance

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Mil­len­ni­als are not inter­est­ed in fixer-uppers the way past gen­er­a­tions have been, and do not budget for sig­nif­i­cant repair and main­te­nance costs when planning to buy a home. According to the National Realtors Asso­ci­a­tion, nearly half of mil­len­ni­als who bought newly-built homes did so to avoid major repairs and renovations.

Along these same lines, mil­len­ni­als living in areas prone to increas­ing natural disasters and extreme weather con­di­tions will expect new homes to be built with these con­di­tions in mind. A focus on disaster-resistant building codes and materials will make the home more appealing to them.

The Bautex Block Wall System has lower main­te­nance than other tra­di­tion­al building materials and complies with Federal Emergency Man­age­ment Act (FEMA) guide­lines to withstand extreme weather. Choosing building materials that have a rep­u­ta­tion for dura­bil­i­ty and minimal main­te­nance, like Bautex, will be an attrac­tive option to the mil­len­ni­al market.

Quiet Sanctuary

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Mil­len­ni­als are a gen­er­a­tion of researchers. Access to online listings and neigh­bor­hood apps makes it easier than ever to evaluate not only the home on offer but its sur­round­ing area too. Quality of the neigh­bor­hood is the #1 criterion when looking at real estate listings.

Nearly 60% of mil­len­ni­als are buying houses in the suburbs, with another 16% choosing to live in small towns. The search for a quiet sanctuary is real,with features like access to green space playing a key role in buying decisions.

Increas­ing­ly, mil­len­ni­al home buyers have at least one child. This may be informing the trend to move away from condos and downtown areas. More and more they are showing a pref­er­ence for a detached home. These buyers are looking for space, including backyards and open concept interior design

Comfort

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What makes a mil­len­ni­al com­fort­able in their future home will vary from buyer to buyer. They are very focused on value for money. They want unique details, not cookie cutter layouts, made with durable high-quality materials. An open floor plan, par­tic­u­lar­ly for living and dining areas, is a great selling feature.

They are also looking for indoor specialty features and rooms. These could include options like:

  • Media room or home theater.
  • Playrooms for children.
  • Wine cellars.
  • Work-out rooms.

Options for cus­tomiza­tion will also appeal to these buyers. Whether it’s a pop of color in paints, or choices of fixtures and appli­ances, mil­len­ni­als feel most com­fort­able when they have had a voice in the final design process.

Whether it’s a green design or a quiet sanctuary, mil­len­ni­als are increas­ing­ly becoming a market segment you can’t ignore. Learning what they want in a home will help you increase sales and customer sat­is­fac­tion. For more infor­ma­tion on trends in home­build­ing, please visit the Bautex Systems blog or Facebook page.