Often thought to be a generation of urban renters, millennials (ages 28 to 43) embrace home ownership. The National Association of Realtors (NAR) says millennials are now the largest group of home buyers, comprising 38 percent of the home-buying market — an increase of 10 percent from 2023. So, how millennials are changing the housing market?
Let’s look at the reasons behind this surge in demand and how millennials are changing the housing market.
3 Ways How Millennials Are Changing the Housing Market
1. The Why and Where
When looking at how millennials are changing the housing market, one surprising factor stands out: their dogs. You might think millennials are looking to move out of apartments because they want to start a family. And you wouldn’t be wrong — but that’s not the primary reason millennials say they want to buy a home. Instead, it’s all about their precious pups. In a widely publicized survey commissioned by SunTrust Mortgage, 42 percent of millennials aspiring to be homeowners say a key motivation is having space and a yard for a dog. Thirty-three percent of millennials who purchased homes said having better space for their dog influenced their home-buying decision.
In the same survey, just 19 percent said having children was a key factor in deciding to buy a home.
But just because you want a home for Rover doesn’t mean you can afford one — a key concern for millennials. As they work to stretch their home-buying dollars, they are increasingly turning toward suburban communities, particularly those with generous amenities. Having the ability to work from home at least part of the time has also been a driver in drawing millennials to the suburbs.
2. Appealing to a Tech-Savvy Generation
A look at millennial home buying trends shows the “how” of home buying has changed dramatically as more millennials have entered the market. This technology-loving generation starts their home search online. Real estate agents and builders are responding, adding 3-D home tours and photos of professionally staged homes to their listings. Home search tools have become more expansive, with advanced filters that delve beyond the number of bedrooms and bathrooms. Successful listings must be nimble on both a desktop computer and a handheld device.
According to Investopedia, a Zillow survey shows that more than 80 percent of millennial home shoppers want to view a virtual tour or see a floor plan online. In the same survey, 59 percent of millennials said they would be somewhat confident making an offer on a home they toured virtually, and 39 percent said they would be comfortable buying a home they had only seen online.
Another change? Texting has become a preferred mode of communication.
3. Sustainability is Key
Another critical concern for millennial home buyers is a home’s environmental footprint. They want homes that are energy efficient and use eco-friendly products, such as quartz over granite. Triple-pane windows, high-efficiency HVAC systems, LED lighting, and smart thermostats are all on their list of must-haves as are low-flow plumbing fixtures.
Find It All at The Grand Prairie
Room for Rover, energy-efficient homes touting the latest technology, and abundant amenities — you’ll find it all at The Grand Prairie. And with homes priced from the mid $200,000s to more than $600,000, you can find a home that won’t break the bank. Start your home search online and then visit in person to tour 10 model homes by builders David Weekley Homes, Lennar, Perry Homes, Sitterle Homes, Village Builders, and Westin Homes. Start at The Welcome Experience, 16503 Verbena Glen Drive in Hockley, to learn what’s ahead for The Grand Prairie.
