Currently, millennials comprise the largest segment of home buyers at 35%, with Generation X behind them at 26%. Predictions are that this number is going to increase in the coming years, with millennials coming out of the renting phase and entering the buying one. This generation has a strikingly different taste in real estate as compared to its predecessors and has redefined what luxury means.
One thing which stands out in them is that they aren’t looking for obnoxiously large houses, thus, they aren’t keen to buy the so-called luxury homes left by baby boomers. They have a minimalistic approach and are looking for energy-efficient homes which serve their requirements in the best possible manner. Their modern aesthetic sense and preference of comfort over wide spaces have led them to change the essence of luxury real estate.
They Prefer to Buy Vacation Homes
When the millennials are waiting more before their first purchase, their affordability is also increased manifold. They can buy a more luxurious property as compared to a typical home which is considered suitable for a starting point. There are wealthy millennials who prefer to buy vacation homes before or instead of a city house.
In 2015, it was reported that millennials are renting in cities but buying country houses for their leisure time. There is a drastic increase in the demand for vacation-homes as a lot of millennials enter this market. The purpose is not only to have a place for recreational activities but to increase wealth for the later years. When they are not living in these homes, they rent them out and earn revenue through them.
They Have an Eye for Sustainable Luxury
Millennials realize that saving the environment is the foremost responsibility of the people of this planet, therefore, they are doing whatever they can to make the impact. They believe that sustainable homes are essential to provide themselves with an earth-friendly environment. Green or energy-efficient homes are very appealing to this generation of home buyers.
The sustainable features which this generation looks in a home include solar power, geothermal energy systems, LED lighting, and indoor air purification systems. They are increasingly conscious of the wellness of the environment and make as much of an effort to preserve whatever is left with us.
They are Tech-Savvy Buyers
What would be our lives without technology? We are more dependent on it than we would like to admit. The new trend of smart homes has been quickly adopted by the millennials who define luxury as access to the latest technology. Having the chores done with just a voice command, and controlling everything from music to lights without even being at home are the things they are looking for.
More than anything else in the world, the millennials want to feel a constant connection. They want a very fast internet connection and can’t waste their time on taking care of insignificant tasks. Thus, technology serves the purpose for them. They get things done by making a minimum effort and this is what luxury truly means for them.
They Adore Private Outdoor Spaces
Millennials are looking for a place to chill more than anything else. Considering their hectic routine and insane screen time, their thirst to have an outdoor space is justified. They are looking for excuses to be around nature and escape the redundant indoor atmosphere. Such spaces give them time to relax and leave behind the constant pressure and stress of excelling in their jobs and maintaining a high-end lifestyle.
They are not even looking for small balconies rather, they want roof decks, terraces, or backyards where they can have a proper setup. These spaces can even be utilized for parties and gatherings, thus, they should be spacious enough to accommodate a large number of people.
They are Looking for Walkability and Location
As millennials are flocking to suburban areas, they are keen to find such locations which are in proximity to public transport and other necessary amenities. They are also interested in finding like-minded neighbors with whom they can spend time in nearby parks or enjoy a stroll in the evening.
A part of this generation believes in giving up private car ownership in favor of public transport because of their awareness regarding the environment. Being able to navigate by foot from the location is also an attraction for the renters, in case if the millennials are interested in renting out the property or listing it on Airbnb.
They Like Minimalistic and Contemporary Designs
Millennials are in favor of traditional homes with contemporary finishes. They don’t like gigantic rooms or bathrooms and believe in utilizing minimum space. They are looking for simple yet appealing designs which do enhance the look of the house but doesn’t give a feeling that everything is overdone. They would go to any length to avoid clutter around them.
They are not looking for more space in a house but rely on its utility. They are ready to forego larger spaces in favor of smart use of small space where they can have all the amenities in quick reach. They demand functional layouts for entertainment and comfort, with the facilities being designed according to their specific interests.
Do you have what it takes to be a luxury real estate agent? Unfortunately, the current home builders aren’t following the requirements set by the millennials, forcing them to settle for less. So, there is a high responsibility on the realtors to help the people from this generation find the kind of home they want.
Millennials just want everything to be right and according to their taste. A house is not just a living space for them, they consider it to be one of the most important investments of their lives. In general, this generation has a unique perception of real estate and home buying and it is high time that the real estate sector evolves according to their taste.