By Linda Zhang
Forget much of what you’ve heard about millennials. No longer is this generation seeking a studio loft in the city center. They’ve grown up, and they’re settling down. And that means they’re following some of the predictable patterns seen in older generations. They’re having kids, moving to the suburbs, and taking out mortgages — in droves. New research says that in the spring of 2020, for the first time, millennials will take out more than 50% of residential mortgages originated in the United States.
There are some things millennial homebuyers tend to look for more so than Gen X or baby boomer buyers. Here are some of the home features that millennial homebuyers love.
Before we talk about tech-savvy gadgets and environmentally friendly features, the National Association of Home Builders found a whopping 70 percent of millennials really love a whirlpool tub.
And what’s not to love? A whirlpool tub is way more comfortable than a standard bathtub.
Millennial couples don’t seem to bicker over the bathroom mirror in the morning. Sixty-seven percent of millennials in the NAHB poll desired a dressing and makeup area in their master suite. Some older homes may come with a dressing and makeup area — it’s not a new idea. But it’s also something that you can add if you’re considering any renovations before putting your home on the market.
His and Her Baths
Clearly, the bathroom is a big deal for millenials. More than half would rather have separate bathrooms. Kind of like the Jack and Jill bathroom, except reversed. Maybe that’s the secret behind the plummeting divorce rate among this generation.
Never mind the TV show “Fixer Upper.” Millennials are not a big DIY generation. They tend to prefer built-for-sale, move-in ready homes. That also holds true for landscaping. Get rid of problem trees and fix up your lawn. A recent Manpower survey shows 73% of millennials work more than 40 hours a week, and nearly 25% work more than 50 hours a week. Few have time for raking and yard work.
More than 75% of millennials either work from home or hope to. They need a quiet place where they can work and plug in all the latest high-tech gear.
This feature is one of the easier things to add to this list if your home doesn’t already have it. Millennials in that NAHB poll said they love trash compactors; 56% of them gave trash compactors the nod as a desirable feature. They reduce the trash load and keep smells away. They run about a thousand dollars, so it could be a quick and easy addition with a good return on investment.
Other features that rank high with millennial buyers? A patio with an outdoor kitchen, and plenty of outdoor living space, garage storage, and a walk-in pantry. Yes, these items will require major renovations if your home doesn’t already have them. But if you do, give these features top billing on your real estate listing, because you’re more likely to catch the eye of someone in the biggest cohort of homebuyers.
When Linda Zhang isn’t redoing one of the rooms in her own house, she’s writing about home decor and other real estate issues.
Of the 903,000 single-family homes completed in 2019: 849,000 had air-conditioning. 102,000 had two bedrooms or less and 386,000 had four bedrooms or more. 32,000...