Millennials, the youngest home buying generation, are stepping up with distinct preferences in a home. This group’s home-style wish list sets them apart from older home buyers, according to a recent survey by National Association of Home Builders, “What Home Buyers Really Want.”
“Despite a few cases where millennials’ preferences should adjust over time, there are ultimately a good number of interesting areas where millennials’ current differences from older generations reflect unique, lasting preferences for millennials,” writes NAHB.
Here are some top, likely long-lasting preferences for millennials, who range in age from 23 to 39 years old:
The city is rising as the place millennials want to call home, though currently the majority prefer the suburbs.
Given the choice of a custom-built home or a new home built for sale, they increasingly would go for the new home.
Sought after amenities are trash compactors, wet bars, built-in kitchen seating and exercise rooms.
Currently millennials favor whirlpool tubs and central islands with a range more than the older generations do, but study data suggests preference for these amenities will decline.
And here’s a surprise: millennials show falling desirability for preferring environmentally friendly homes, which is consistent with the preferences of older generations.
Most popular specialty rooms
The number one specialty room millennial home buyers want is a laundry room, with 86 percent of reporting that it is a desirable or must have.
Next on the specialty room most-wanted list is a dining room, with 77 percent of millennials voting to have a one.
This group shows a preference for a dedicated space for work or school activities with two categories landing in the top five: third up is a home office and in fifth place is a study/den/library.
Sixty-six percent say a “great room” – combined kitchen/family room/living room – is either desirable or a must have.
Rounding out the top ten are a mudroom, wanted by 59 percent of millennials; and a sunroom and a breakfast nook, wanted by 58 percent of millennials each, according to the NAHB.
Stand out specialty rooms
Some specialty rooms stand out as preferred by millennials to a great degree over older generations:
An exercise room is desired by more than half of millennials. But interest wanes with age, shown by 50 percent of Gen Xers, 32 percent of baby boomers and 17 percent of seniors expressing interest in one.
Fifty-seven and 52 percent of millennials want a media and game room, respectively. But only 20 and 14 percent of seniors seek these specialty rooms.
Two-story entry foyers turn the heads of millennials with half of this group marking it as desirable compared to a third of Gen Xers, 20 percent of baby boomers and only 17 percent of seniors.
For additional information read the full summary here: nahbclassic.org/generic.aspx?sectionID=734&genericContentID=269080&channelID=311.
By Tom Kalinski. Tom is the broker/owner of RE/MAX of Boulder, the local residential real estate company he established in 1977. He was inducted into Boulder County’s Business Hall of Fame in 2016 and has a 40-year background in commercial and residential real estate. For questions, e-mail Tom at [email protected], call 303.441.5620 or visit boulderco.com.