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5 Things Millennials Look for When Buying a Home

By mdblog - February 19, 2014
When it comes to real estate, each new generation holds their own unique set of preferences and taste.   We are a product of our times after all.  So it should come to no surprise that when home shopping, millennials have created a checklist a tad different than their forefathers, Generation X. Millennials have been getting a lot of flack by critics and the media lately. The general consensus is that they are materialistic and lazy, and we must say that their tastes are nothing short of pragmatic and cost-effective.  Simply put, they know what they do and don't have to work with. What does we mean by this? Millennials are less likely to drop thousands on remodeling their kitchen or put up a white picket fence. No, this particular age group thinks beyond aesthetics of grandeur and are leaning more towards usability and functionality. Here's a list of the top five things millennials look for when home shopping. 5. Location -  We're not talking about neighborhoods with awesome school systems or somewhat adequate neighborhood watch group. Millennials are looking to be part of where the action is, where job growth is occurring and neighborhoods are up and coming. The West Side of Providence is a great example. There are many small businesses opening up shop there and it has a young, bustling energy about it. 4. Walking distance -   This particular generation is more concerned with green living and sustainability, generally speaking. More so than their parents and grandparents to say the least. Does that mean that millennials will forego an awesome company car for rollerblades? Not necessarily. But millennials do want the option of being able to take their bicycles to work instead of waiting an extra 30 minutes in morning traffic. The great thing about Providence is that this city is both small and large enough for both modes of transportation. Heck, Providence is an awesome bicycle city! 3. Home Office -  A number of articles are popping up online about a recent trend happening with millennials. Many are forming start-ups either during college or soon after. Yes, they are forgoing the overpriced masters degree in hopes of securing a title as founder. What does that mean for you? Like what was stated earlier, millennials want to be where opportunities are occurring. And since Rhode Island's unemployment rate is currently at a cringe-inducing 9.1 percent, many amazing start-ups are happening as a result of that. In other words, millennials are looking for homes that are large enough to have a home office in but still offers a good quality of life. 2. Technology - One of the biggest trends millennials are forging in the real estate industry is integrating technology into their homes. This goes beyond changing traditional sockets to USB power sockets. Technology is an absolute home essential and homes that are not up-to-date on tech capabilities will most certainly get filtered out. Lavishly designed dining rooms are not a priority. Home offices, home theatres, security systems are just a few examples of what are priorities. These are investments that millennials are willing to make, even if it means downgrading the character of the home. 1. Size - "One size fits all" is not the motto that millennials go for when searching for a home. Instead, millennials look for a home that fits them, individually, with some room to growth. With this in mind, condos and townhouses are perfect for millennials. Why? Affordability, functionality, and they are more likely to be up-to-date than your traditional home. Long gone are the days of luxury homes and unnecessary home improvements. This patch of creative, movers and shakers are looking for essentials, a home that'll help them cultivate the life they want.

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Jim DeRentis
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