Gen Y, also known as the millennials, is the fastest growing group of home buyers right now. Born between the early 1980s and the early 2000s, this group has different goals, priorities, and outlooks than previous generations. Here are eight things millennials want when they’re looking for housing:
Unlike car-dependent generations past, millennials are all about easily getting to their favourite shops and services; they don’t want to inconvenience themselves with hopping in the car just to run a simple errand.
This generation wants the opportunity to live close to work. For real estate, that often means a home-office, or a condo above office space.
Often saddled with student debt, gen Y buyers are seeking creative options for making their home purchase work for them. Rentable suites or flexible living space are top priorities.
Millennials want to live in a beautiful environment. Many millennials have the gift of creativity and being able to see the bigger picture, so if the home has great potential and is well-maintained, chances are good that the gen Y buyer will see its value.
This group of buyers wants to know that their purchase is environmentally friendly. Renewable, natural construction materials and energy efficient floorplans and appliances go a long way for gen Y.
Entertaining is important to gen Y and space in which to do that is one of their prime home-buying criteria. That might manifest itself in different ways, such as a formal dining room, a large open-plan kitchen, or both, depending on their personal style.
Forget mcmansions! This group of buyers wants to live within their budget, which may mean fewer square feet. Make no mistake, though, as efficient usage of the space is also a priority.
This generation wants to be able to easily get out and be active. That’s why homes near a park, community centre, or gym are so popular with them.
Have We Underestimated Gen Y?
Are you a millennial? Do you agree with our assessments? Are you a seller? Think your home would appeal to gen Y? Weigh in in the comments!
The Charlie Parker Team is experienced with new buyers and seasoned ones too! Take a look at our site for more information about our services for first-time buyers.[su_divider]
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