Real Estate & Millennials: The Next Generation of Homebuyers
Ah, the millennial generation—a generation caught in the crosshairs of growing up during the Great Recession and having too few job opportunities upon graduation. It’s been almost a decade since, but millennials are finally standing upright and are now situated on stable career paths. Furthermore, the time of struggle — that felt like a century — living downstairs in their parent’s basement is looking as if it may be paying off.
While some millennials are still challenged in paying off student loans, many have managed to save a little nest egg. However, the millennial generation has had to adjust to a different grown-up life, and thus, they have changed a lot of social behaviors. This means they’re also likely looking for a different home lifestyle. Take a look at these top list picks for millennials on the home hunt:
Millennials are not looking for do-it-yourself projects or even a hint of a fixer-upper. They prefer to find something move-in ready so they can just unpack and settle in. Part of this new trend is due to an overloaded work or school schedule.
Wide Open Space
When it comes to floor plans, open concept homes fit the bill. Having the kitchen, living room, and dinning area all together just makes life simpler. With such a setup, adults can easily cook dinner while interacting with family members and guests — a concept that millennials especially admire.
A Place to Work
With having to freelance fresh out of college, millennials are used to working from home. Data provided by the U.S. Census Bureau states that 13 million Americans work from home. Couple that with more children being home schooled, and you will find the need for a home office.
Millennials are also looking for a great location within walking distance or easy public transportation of great restaurants, schools, and shopping. Although most millennials prefer a single family home, many are finding it easier to step into a condo or townhome first.
Learning about environmental issues at an early age has warranted the need for energy-efficient homes. Homes with green energy tend to also make the short list. Furthermore, a modest size footprint goes a long way in making a monthly budget.
Entertain and Relax
A big benefit for millennials owning their own home is having space to entertain. Most millennial home buyers are looking for an outdoor entertaining area or an incredible view to maximize the feel of indoor living space. On the other hand, when the company leaves, maintenance-free living allows time for relaxation.
For more of our perspective on this subject read our recent blog, “Better Investment: Home or Condo?”
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Working with The Daniels Group will give you with the advantage of having local experts to ensure that you have a successful real estate transaction. From buying, selling and investing to financing options and more, we have the expertise and resources to help you achieve your goals. Call us today at (858) 361-5561 or email us anytime by clicking here.