This month’s issue includes stories about three unfilled market niches that are significant opportunities for builders: culturally aware housing, live-work housing, and Missing Middle Housing.
Millennials seek homes that reflect their uniqueness
Millennials, the most recent generation to enter the home-buying population, aren?t interested in stereotypical production homes.
Millennials, the most recent generation to enter the home-buying population, aren?t interested in stereotypical production homes. According to a survey by Better Homes and Gardens Real Estate, these young Americans want homes that are an expression of their personal values and lifestyle.
The survey indicated that 77 percent of Millennials are looking for ?essential, purposeful homes? equipped with the latest technology. In fact, 56 percent of respondents said home-technology capabilities are more important than curb appeal. Moreover, 64 percent would not even consider living in a home that wasn?t technologically up to date. The most sought-after technology is an energy-efficient washer and dryer (57 percent), a security system (48 percent) and a ?smart? thermostat (44 percent).
Millennials prefer their homes to be more customized and less cookie-cutter (43 percent). Every room must serve a purpose that fits the way they live. For example, one out of five respondents said that ?home office? is a better description for the dining room, based on how they would typically use it. Forty-three percent wanted to transform the living room into a home theater.
They were pretty specific about how they wanted to furnish their homes, too. Fifty-nine percent would rather have space for a TV in the kitchen than a second oven, and?there?s that technology again?they want to be entertained in every room. Forty-one percent would be more likely to brag to their friends about a home automation system than a kitchen renovation.
Here?s another interesting nugget from the BHGRE survey: nearly 30 percent would actually prefer a fixer-upper to a home needing only minimal repairs, and 72 percent consider themselves just as handy, if not more so, than their parents. Call them the HGTV generation, if you will, but these young adults are not afraid to tackle home-improvement projects.
Wakefield Research conducted the nationwide survey of 18-to-35-year-olds for BHGRE in December 2012.