According to research, millennials are known to find comfort in living in their parents’ houses or renting, but not until about five years ago. Recent studies show that this generation makes up the largest percentage of the residential home-buying population today. Nonetheless, this tech-savvy generation Y is purchasing homes and reshaping the real estate industry, especially home buying processes and preferences. Unsurprisingly, technology is a significant factor in almost all aspects of life for Gen-Y, including homeownership.
Below are millennial preferences reshaping the housing market.
A millennial will do almost anything to lead a sustainable life. As a result, many will comb the market looking for a sustainable home to buy. For example, they will choose solar power over electricity or look for a property with rainwater harvesting provision.
Therefore, targeting this generation in real estate would help make your home for sale as environmentally friendly and sustainable as possible. The good thing is that real estate developers are embracing this trend positively, with some even including energy-saving equipment in houses. Again, the sustainability trend is valuable in expandingthe real estate sector and environmental conservation.
Millennials are commonly known as the “digital generation” since they are technology pioneers. In addition, they will go for the technological options in everything, including home buying. A millennial will complete a property buying process from searching to payment remotely using the internet.
On the other hand, realtor developers are at par with this generation’s preferences. Forexample, a real estate agent will provide physical and virtual house tour options and online booking. In addition, others now have user-friendly websites where you can find property according to your budget and preference. For instance, you can search for houses for sale for a budget option about 10 million and land exquisite properties near you.
While some older people still resent the idea of networked appliances, a millennial will go for a completely networked house, from the toilet to the bedroom. Realtor developers are developing technological homes with Bluetooth sync capabilities, personalized spaces where you can control the ambient lighting of your choice, and even heated floors and toilet seats to keep up with the pace.
Unfortunately, as the wired and smart home trend prevails, the security landscape is changing. The ability to answer your door even from the other room creates an opening for intruders. Every networked space or device is vulnerable to cybersecurity and hackers.
Finding a millennial living in a rental home for a decade or longer is unsurprising. While some older generations suggest that the millennials are comfortable with the short-lived pleasure of renting, others think otherwise. A recent study revealed most of this generation are unable to purchase homes due to debt loads.
Two studies in 2017 suggested that the few Gen-Ys who owned homes had student loans weighing them down, while the larger percentage could not afford to buy due to similar loans. Therefore, developers avail as many homes for sale as those for rent to cater to everybody.
Most young millennials prefer to acquire a shared home where they live as a large family. However, as they age and marry, they seek privacy, but the communal living does not end there. When purchasing a home, the older ones look for houses with spacious living areas that accommodate more adults.
The communal preference is drastically reshaping the housing market as developers are now changing space distribution in new developments. You can find a house with spacious dining and living rooms, outdoor decks, or a communal grill corner.
The millennial generation, comprising the population’s largest percentage, significantly impacts the housing market. Many developers are now upgrading to the trends to provide for this group and increase their sales.
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