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What Millennials Want in a Home

Wednesday, June 3, 2015

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HOUSTON—Millennials are finally expected to enter the housing market in the coming years, making homebuilders eager to learn what the new market wants.

Saddled with student loans and hit hard by the recession, the 20- to 37-year-olds have often delayed homeownership, according to housing experts.

However, rent prices are rising and more Millennials are ready to buy, experts say.

And what is it the younger buyers will want? Is it urban chic? McMansions? Cozy rooms?

homebuilding / skynesher

Housing experts say more Millennials will be purchasing homes in the coming years.

No, no and no, says Scott Davis, regional director for Houston-based Metrostudy, a national housing research firm.

Davis has offered insight into the top three features the next generation of home-buyers is seeking, according to the Houston Business Journal.

Top Three Features

First, Davis said, the demographic wants a suburban lifestyle.

Experts predict Millennials will buy homes in suburbs with good schools, job growth and an increasing number of mixed-use urban-style projects, he said, according to the report.

© / jeffhochstrasser

Millennials seek less maintenance along with energy-efficient technologies, Davis said.

Second, Millennials are looking for small, but high-quality, homes.

They are looking for less maintenance along with energy-efficient technologies, Davis noted.

Finally, the generation is looking for flexible spaces designed for entertaining.

Open floor plans, kitchens that open to living areas and large outdoor living spaces are a few examples, according to Davis.


Tagged categories: Color + Design; Design; Home builders; Market; North America; Residential Construction; Trends

Comment from ELIZABETH FRENCHMAN, (6/3/2015, 11:00 AM)

Research was conducted by Hanley-Wood whose specialty is "residential real estate and new home construction." Just wondering how they (if they) deal with their suburban-home bias. Is this a hopelessly naïve question?

Comment from Karen Howard, (6/3/2015, 12:12 PM)

Wondering the same thing myself. Seems counter to other studies that indicate an increasing preference for walkable urban lifestyle, rather than suburban lifestyle. Haven't auto sales trended downward as well for millenials, which would be consistent with a housing preference for more walkable urban areas with better access to alternative transportation.

Comment from peter gibson, (6/3/2015, 1:01 PM)

Correct ..the real estate industry is floating this idea that Mills want houses. No they don't.Cant be bothered with lawn mowers and other chores assoc with a house. Mills find it very boring.want lights camera action.

Comment from Tom Schwerdt, (6/4/2015, 8:13 AM)

Probably the most telling part of the article was " increasing number of mixed-use urban-style projects..."

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