WHO ARE MILLENNIALS?
Millennials are the largest source of new demand for rental housing and first-time home purchases and defined as being 37 years of age or younger. The National Association of REALTORS® writes, “The largest cohort in America is growing up and becoming more traditional in their buying habits. 48 percent of buyers 37 years and younger now have children under the age of 18 in their home. 66 percent are married couples, and 15 percent are unmarried couples (the largest share of all generations).”
WHY ARE THEY IMPORTANT?
Millennials are the largest generation in the workforce today. That makes them a driving force in the economy and a significant factor in the real estate industry. According to the annual Home Buyer and Seller Generational Report of 2018, millennials represent a whopping 65 percent of first-time home buyers. Although they’ve waiting longer than previous generations to start families and buy homes, millennials are now undeniably shaping the real estate market. 86 percent of buyers 37 years and younger say owning a home is a good financial investment. We, as builders, agree and want to give them what they’re looking for. So, what do millennials want in their first home?
WHAT DO THEY WANT IN A HOME?
A significant number of millennials are crippled with debt and are burdened with a tighter lending environment. These factors make it more difficult for this generation to get what they want at a price they can afford. Millennials want to live in community-based neighborhoods, convenient to work and close to friends, with promising public schools. And although the rumors are true, millennials do prefer urban to suburban living, but most are compromising and choosing affordability over convenience of location.
Here’s a breakdown of what millennials are looking for when purchasing a home:
- A yard for their dogs – 75 percent of millennials are buying single-family detached homes. Yes, they want the yard.
- Open floor plans – With today’s on-the-go lifestyle, multi-tasking millennials find open floor plans more convenient for entertaining, as the days of formal dining are fading.
- Laundry room is a must – Even though millennials are willing to sacrifice square footage, they will not compromise on a separate laundry room.
- Smart homes! This generation is very tech savvy and the most “plugged in”. Having an automated home in which millennials can control the thermostat, speakers, lights, security cameras…. That’s ideal!
- Work out room – 84 percent of millennials want 3 or more bedrooms either for a work out space or an at home office.
WEST MAIN HOME COMPANY HAS IT ALL!
Affordable in-town living is not just a dream. West Main Home Company has made it a reality. We know what millennials want and we have been taking their needs and desires into consideration for years. WMHC designs and builds homes and communities with millennials in mind and our satisfaction rate is impressive. Come meet your neighbors, walk through our beautiful model home, and imagine living the life you’ve always wanted. You’ll minutes away from East Atlanta Village.
Have questions? Want to schedule a visit? Contact us and we’ll be more than happy to help with your home search.