What are Millennial homebuyers looking for in their new homes? Builders and realtors everywhere need to take note. If you’re curious, you’ve come to the right place!
Millennial Homebuyers Buying Homes
Over the next few years, we will see Millennials transition from an overlooked generation of savers to a thriving generation of buyers. According to information from the U.S. Census Bureau, Millennials will produce approximately 46 percent of the U.S. household income by 2025. Now is the time to take into considerations what Millennial home buying needs and preferences are as you build new homes. Here are a few below:
Personalization is clearly highly valued by Millennials. From their Snapchat filters to their philanthropic endeavors, this generation prefers to make decisions and engage with products in a way that uniquely suits them. Innovation in technology and construction allow them to have exactly that. For example, the new Whirlpool Smart Kitchen Suite keeps track of its users’ preferences in order to best suit the needs of the family. It tracks what, when, and how families cook, as well as their water and ice usage. Millennials desire customization that will ease their way of life without breaking the bank.
Outdoor Living Space
Millennials love their indoor tech as much as the great outdoors. According to a study recently published by Metrostudy, Activating the Millennial New-Home Buyer, “Young adult buyers’ affinity with and gravitation to backyard and outdoor living can barely be overstated.” Nearly 60 percent of Millennial homebuyers stated that an outdoor living space is an absolute must-have as they choose their new home. Builders and architects are responding to this demand with new, innovative ways to create indoor-outdoor spaces that aren’t outrageously inexpensive.
Open Kitchen Space
According to the Metrostudy report, 53 percent of Millennials deem an open kitchen as a must-have feature of their new home. 41 percent stated that it was important but they would be willing to compromise. This is extremely telling, and reveals that this is an important trend that should not be overlooked. The desire of Millennial homebuyers for an open kitchen space is driving innovation and experimentation in the appliance industry.
Lakeside Title Company Serves Builders
Lakeside Title Company works closely with builders in Maryland, Washington D.C., Northern Virginia, and Southern Pennsylvania. We handle the title work so that you can focus on the construction of new homes for your buyers. To learn more about our services for builders, please visit our website here.