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.