Millennials are having a huge impact on the housing industry. With each passing year, they’ve become an increasingly dominate segment of the real estate market.
Millennials are buying homes and they’re not looking for the same things as previous generations. Check out these millennial home buying trends to learn more.
An Increase in First-Time Buyers
The real estate market experienced a major increase in first-time homebuyers in 2017. With more young people deciding to buy homes instead of renting, demand has increased, which is great for the industry.
In 2017, 52 percent of home sales were to first-time buyers, with 60 percent of those millennials below the age of 35. The American dream of homeownership is important to them just like their parents before them.
A Desire For More Space
Millennial home buying trends show that they search for properties that offer more space. This is why they find suburban areas so appealing.
Living outside a city provides more privacy and security, along with a quietness that is appealing after living in the bustle of an urban area. The openness of a suburban home appeals to this younger generation. So does an energy efficiency, with a desire for many to opt for solar panels and other green items for their residence.
Another reason for millennials opting for houses over apartments is the appeal of decks, patios, and porches. Lifestyle space is important to this age group. They want an outdoor space for relaxing and socializing with friends and neighbors.
Using Tech for Real Estate
A major key factor in millennial home buying trends is their use of technology. This is a generation very adept at using sophisticated tech in all aspects of their lives. This makes them better informed about their housing options than previous generations.
With millions of smartphones in use and thousands of mobile apps and websites available for discovering real estate, millennials are able to search for a new home and loan options with much greater convenience.
With a few taps of the screen or clicks of a button, millennials quickly narrow their search criteria to specific amenities and price even before doing a walkthrough of a property. This helps speed up decision making when it comes to finding a property they’re interested in purchasing.
A Preference for Open Floor Plans
The preference for open floor plans in homes is also evident in changing work environments. Traditional office settings have begun transitioning to floor plans and creative workspaces that increase productivity and efficiency.
Homes with these types of open floor plans appeal to millennials because they can move through their rooms more fluidly, especially for entertaining. They don’t want to feel closed off from the rest of the house.
Plus, many are opting to telecommute and need a home office. Factoring in a dedicated workspace to their home layout is an advantage for those looking to combine their work and home life.
Changing the Face of Real Estate
Millennials will continue to have a significant impact on the market as they transition from apartment living to buying homes. In turn, the real estate market will evolve to this growing segment.
We at 7th Level Mortgage are an experienced team of mortgage professionals based out of New Jersey and serving the east coast from Pennsylvania to Florida including Delaware and Maryland. We have won numerous awards for our excellent professional work and reputation with clients for being extremely diligent, accessible and hands-on throughout the entire mortgage process.