Will Your Home Be Purchased by a Millennial?

 

Millennials are history’s largest generation. Ninety million people make up this group, also known as Generation Y, or the population born between 1977 and 1995. This isn’t a strict date range; some would consider Millennials to be those born between 1980 and 1995.

Regardless of exact dates, Millennials are those who have had access to the internet and technology their whole lives and don’t know what life is like without it. Connecting with others, accessing information, getting driving directions, listening to music, and shopping are all done with the aid of technology. To most Millennials, an individualized experience allowed by technology is a given in life.

Who Are the Home Buying Millennials?

Millennials approach home-buying differently than the generations before them did. They don’t rush into the decision to buy a home, and when they do buy, they tend to start with a smaller purchase with the goal of buying bigger later. They understand that relocation is a common aspect of the job market today, and so they generally only expect to stay in one home for about ten years.

The Great Recession of the 2000s affected this generation as they observed the losses their parents and relatives suffered, like bankrupt businesses and foreclosed homes. Many put off marriage or having children due to a lack of available jobs or too much student loan debt. Referred to as the “boomerang generation,” some have even needed to move back in with their parents.

This impact of the Great Recession led to Millennials being more careful to spend money and slower to purchase homes. They desire to own a home but look at ownership as security, rather than as a symbol of status. 86 percent of Millennials would say that owning is a more affordable option than renting, and better use of their budget.

What do Millennials Want When Buying a House?

While some Millennials will choose a rural, isolated spot to buy a home where they can live sustainably, and others will buy in an urban location where they won’t have a long commute, many will opt for a suburban place instead.

Many Millennials now have children. Having a family and needing space for one determines what will be taken into consideration when buying a home. According to the Washington Post, the trend of Millennials is to choose a “surban” area to live in – a place that has aspects of both urban and suburban environments. A neighborhood in a “surban” area will be affordable and close to schools, parks, and entertainment areas.

Millennials tend to be frugal, but not cheap. They want value and quality at a reasonable price. Elizabeth Weintraub at The Balance says:

  • In kitchens, Millennials are looking for stone or granite countertops, recessed lighting, chic cabinetry, and high-quality appliances made of stainless steel.
  • In bathrooms, Millennials desire brushed nickel, stone and glass, motion-sensor lights, vessel sinks, wall-mounted double-handle faucets, and dual rain showerheads.
  • Millennials choose homes with open floor plans, work out spaces, media rooms, playrooms for the kids, and wine cellars.
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Just Trying to Sell Your Home quickly?

You may own a house or property in a location that Millennials will be attracted to, and it can be marketed to this demographic. Your home may be more appealing to a different generation. Regardless of which generation your home will appeal to, what the house looks like, or its location, a good realtor can help you to market your home effectively.

Often, homeowners choose to sell their home directly to an investor rather than take the traditional home-selling route. Selling a house to a home-buying company saves you the trouble and expense of marketing. No preparations, showings, repairs, or inspections will save you time, energy, and money.

Houston Capital Home Buyers is a house-buying company that purchases houses as-is in Houston, around the state, and even around the country. We have a $26 million purchase record and a twelve-year history of buying homes.

Your home may be exactly what a Millennial buyer is looking for, or it may be the opposite. Either way, if you are interested in a fast and hassle-free sale of your property, contact Houston Capital Home Buyers today. We will make you a purchase offer within 24 hours of receiving your request and won’t pressure you to make a decision.

*Thank you to The Washington Post, Cornerstone Home Lending, the National Association of Home Builders, Keller Williams Realty, and The Balance for the statistics and facts used in this article.

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