It seems as if every industry is enthralled with the habits of Millennials. Consisting of 18 – 34 year olds, this generation has been slow and cautious to enter the real estate market. Growing up in a less-than-stellar economy with high unemployment rates and accumulating student loan debts, Millennials have often had the home buying odds stacked against them.
However, times have changed and now this Generation represents the largest share of recent buyers, at 32%. Let’s take a closer look into their real estate habits that have made them the ones to watch.
- Size Doesn’t Matter – Square footage is the last thing on their mind. For Gen Y, accessibility to an urban core is top priority. They place ease of access to restaurants, grocery stores, public transportation, nightlife and work over a larger living space. The term “walkability” is a hot topic for this generation.
- Keep it Open and Free – These young homebuyers need a space they can entertain in – free of partitions and closed-off areas. Open floorplans that have the ability to serve multiple purposes is ideal. Exercise equipment in the living room? Why not. A hammock in the bedroom? Sure. With this generation, the more options, the better. Especially since most Millennials believe they will live in their new home for no more than 10 years.
- They’re Low Maintenance – Wood floors, granite countertops and other low-maintenance features are a must. Contrary to former generations, Millennials won’t be spending any spare time on the weekends cleaning out gutters and checking things off on the honey-do list. They want to spend their weekends exploring the city and making the most of their time spent out of the office.
- Earth + Tech Friendly – For the generation that has grown up alongside the evolution of technology, usability with gadgets is high on the priority list. From tablets and phones to Bluetooth audio systems and programmable lighting, tech matters. Charging stations and flexibility with power outlets is more important than ever before. However, this generation is also mindful of its energy consumption. The more renewable and reclaimable materials they can spot in a home, the better.
- Your Online Presence Is Vital – After Millennials search for homes online, they head straight to the real estate agent. 88 percent of buyers use the internet to search for their new home. Real estate agents were the second-most common resource for finding a home, with 87 percent of buyers citing an agent’s help as a key factor. This means that if you’re a real estate agent and you don’t have a presence online, it could be costing you.
All of the facts about Millennials preferences in the real estate market point to one key factor – how accessible and convenient the space will be. Here are a few reasons we think Columbus is ideal for Millennials.