Millenials: A New Generation Of Homeowners

Earlier in this summer, Sulman Quraishi discussed how Millennials see home-ownership as a good investment, according to the National Association of Realtors inaugural Home Buyer and Seller Generational Trends report.

Millennials are people born between the years 1980 and 2000. They are the next big demographic of home buyers emerging in real estate. In addition, the Millennial generation is showing preferences in terms of housing than their parents.

What are Millennials buying?

Millennials say they prefer smaller, functional homes than sprawling “McMansions,” and they’re not interested in “cookie cutter” homes. Instead, this DIY generation wants to put their individual stamp on their home and make sure it reflects them and their tech-driven lifestyle. About 30 percent of Millennials surveyed say they prefer a “fixer-upper” home rather than a home that needs only a few repairs.

This generation desires homes where they can entertain, and they don’t necessarily need all the upgrades.

This tech savvy generation is looking for TV space; fifty-nine percent said they prefer extra space in the kitchen for a TV rather than having a second oven. Forty-one percent of Millennials surveyed say they are more likely to brag to a friend about a home automation system rather than a newly renovated kitchen. Seventy-seven percent say they want a home with technology capabilities. One in five of Millennials surveyed said they’d prefer the name “home office” be used for their dining room since that’s how they would usually use it. And forty-three percent said they’d like to change their living room into a home theatre, according to the survey.

Where are Millenials currently living?

CNN Money Magazine compiled a list of the 10 Most Youthful Towns In America. They are as follows:

Town/Median Age

  1. Eagle Mountain, UT/ 19.9 years old
  2. Durham, NH /20.3 years old
  3. Amherst Center, MA /20.7 years old
  4. Allendale, MI/ 20.9 years old
  5. College Park, MD/ 21.7 years old
  6. Athens, OH/22 years old
  7. East Lansing, MI 22 years old
  8. Whitewater, WI/ 22 years old
  9. State College, PA/ 22.3 years old
  10. Boone, NC/ 22.3 years old

Engel Völkers began in 1977 as a specialty boutique real estate agency providing high-end services to an exclusive clientele. Today, the company is a global leader in the sale and lease of premium residential and commercial property and yachts.

To find out more about Engel and Volkers, go to: westhartford.evusa.com.