When you think of millennials, you may think of Instagram influencers and a generation bent on disrupting the status quo. Now hitting their late 20s and 30s, millennials are exerting their influence on the real estate market. For the sixth year in a row they outnumbered older buyers, comprising 37% of buyers, according to the National Association of REALTORS® 2019 Home Buyer and Seller Generational Trends study.
Appealing to millennial buyers can be a boon for agents looking to tap into this market leader. Here’s what millennials are searching for in a home.
1. Open-concept floor plans
While millennials are the largest buyer segment, their ranking on household income is not as dominant. Because they are on the cusp or just coming into their prime earning years, millennials want to maximize space for their dollar. Open floor plans allow them to expand their entertaining spaces.
2. Updated kitchens and bathrooms
Saving for a down payment was ranked by younger millennials as the biggest hurdle to homeownership, which means they’re not looking to sink any extra funds into expensive renovations. Make sure these key functional rooms are ready to use out of the box, and if the updates are energy-efficient, all the better.
3. Vintage and European design
Despite growing up online in the digital age, millennials are showing an interest in aged styles, including mid-century, Mediterranean and pre-WWII architecture. The features of these exteriors go hand-in-hand with reemerging interior trends such as herringbone floors and art deco lighting and glass.
Source: 2019 NAR Home Buyer and Seller Generational Trends
