Do You Know What Millennials Want? (Hint: Bigger is Better)
There are many reasons why people make the choice to begin the home buying process, with some specific reasons based on the age of the home buyer. In a recent study on millennials, people in their 20’s or 30’s, it shows that they are very specific on what they are looking for in their home which may surprise a few people.
They are Looking for Space to Grow
Millennials are looking for a larger spaces than they are living in now. Although millennials are generally considered to be eco friendly and not wanting to waste things, space is something they do not want want to compromise on. They may also be concerned with environmental factors, which can also draw them to some homes, but the main factor these buyers are looking for is large square footage.
Millennials Do Not Want to Downsize
In a recent study only 13% of millennials considered downsizing when looking for a new home. They considered downsizing for the baby boomer generation and are only concerned with getting more space.
Reasons for the Size of Their Homes
Each generation wants more space for different reasons. Some could be because they need more space to support their growing families or they are now able to afford more due to the rising economy. Most millennials say they want more space because they want to move on from their shared housing or small apartments which they lived in throughout their early 20’s. People in their late 20’s and 30’s want to leave behind their tight spaces (which was all they could afford when they recently exited school or just joined the workforce) for larger places now available.
Making Sure it is Not too Much
Although millennials want more space it is important they are conscious about what may be too much space; as with most demographics, some are better at understanding this fact than others. Most millennials begin to understand that “more space” also means “more work” and more space to fill. This can become very overwhelming because not only do they need to fill and take care of this space but there is also a feeling that they are out growing the space. As their family grows so does their need for more stuff which can create a seemingly never-ending battle of “space vs. stuff.”
Whether it is for family reasons or financial factors, home buyers have their own reasons for looking for a larger space. These reasons can be helpful to understand when selling your home, putting you in a position to know what the buyers want when looking at homes.