The recent economic meltdown over the past few years has led many young home owners to rethink their tastes and preferences. The millennial generation (adults aged 18-35) prefer smaller homes and smarter technological capabilities, says a survey conducted by Better Homes & Gardens of 1000 young adults.
It can be said that the quintessential home, you know, the big house with the white picket fence, is no longer on the radar for my young home owners.
It’s not surprising, as 3 in 10 young adults still live with their parents. Perhaps this is surprising, however most say that they are happy with their living arrangements. “The rise in the boomerang phenomenon illustrates the effect the recession and the weak economy are having on young adults,” says Kim Parker, a senior researcher at Pew and the author of the study.
Then there are those who have stable income and are ready to commit to purchasing a home. But instead of searching for traditional homes like their parents, young millennials are showing signs of the do-it-yourself mentality. And agents better be prepared for it.
“It’s critical that real estate professionals understand what embodies a quintessential home for the millennial generation, which vastly differs from the traditional norms of generations before them,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “Understanding technologies to communicate with this generation is now only one piece of the puzzle for agents; smart technological capabilities must now be ingrained into the home itself.”
A friend of mine, for instance, recently stated that the first home he buys should have USB chargers connected into wall outlets.
Like my friend, millennials desire homes that they can entertain and can be more functional.
For instance, this survey reports that millennials prefer extra kitchen space to fit a TV than space for a second oven. Since they are more technology driven, they want each room to have a purpose instead of just for show. 41% of millennials surveyed say they are more likely to brag to a friend about their home having an automation system rather than a newly renovated kitchen. Additionally, many say they would use the dining room area as a space for a home office, instead of an actual dining room.
Makes sense. The past few years has restructured how people do business, how they live their lives, and most importantly, their future plans. It is up to real estate agents as well as home builders to now cater to this new market.