Housing Trends for Millennial Home Buyers
The Millennial generation has changed the entire landscape of real estate as an industry. Due to economic constraints relating to school loans, credit card debt, and the hardship of saving for a down payment, Millennials are buying homes slower than previous generations. Paired with these financial shortfalls, this generation is also getting married at a later point in their lives compared to previous generations. Interestingly enough, although they are unable to purchase homes, this generation has shown to be the most eager to become home owners.
So now that we know they are eager, let's take a look at trending features of houses that Millennials are crazy about.
Styles of Homes
Millennials grew up on this idea of recycling and have now brought this ideal into their homes. They are purchasing these houses with the intention to remodel and create a more modern space. They respect the architecture and art but love to add their own stylistic flare.
Millennials are loving Mid-Century homes that were built somewhere between the 1940's and early 1960's. These homes are proving to be the most enjoyable to renovate as they typically have geometrical architectures with open spacious floor plans. The large spaces allow for additional rooms to be developed and restructuring of existing floor plans.
Pre-World War II
Most Millennials grew up visiting their grandparent's homes that were developed in the late 1920's and 1930's. They were surrounded by vintage art, nostalgic black-and-white posters, and LIFE magazines for most of their childhoods. Millennials are falling in love with these brick and wood homes that give them a lookback to a rustic era.
The Bottom Line
Millennials are choosing to recycle old styles to modernize living spaces. On the other hand, Millennials are also loving the idea of tapping into their creative side in this era of innovation. They are rolling up their sleeves and planning for the development of their own dream homes.
Quirky Room Trends
These are rooms that formerly were "nice-to-haves" but have now become more of a "need." Millennials are looking for creative ways to save money in the long haul while keeping activities exciting. They are loving the idea of bringing their favorite teenage hangouts to their homes; an in-home movie theater. These rooms may have projector screens, popcorn machines, and deep leather recliners (with cupholders!).
Workout Rooms & Gyms
In this digital age, Millennials are always trying to find ways for themselves and their families to disconnect from technologies. An at home gym allows the family to get together and exercise to maintain active lifestyles.
As mentioned, Millennials are loving recycling and bringing back nostalgia from their childhoods. Many in this generation are collecting old arcade games, vintage 90's gaming consoles, and board games, and creating a fun and vibrant game room for the whole house to spend time in. The game room is a great middle ground for younger kids to have their "play" space and for the adults to have their time for fun.
Contact the Shaffer Team to help with all your real estate needs. We are a team of professionals located in Southern Utah, specializing in selling homes. Call us today at (435) 200-1991.