When it comes to buying homes, millennials are a whole new breed. Pardee Home recently did a survey of 503 people, ages 25-34, half of whom were already homeowners and half of whom were looking to buy within the next year. The survey found that millennials‘ wants add up to a pretty tall order. Read on to find out all the specifics on what you and the rest of the under-35 crowd are looking for in a living environment.
1. Urban Conveniences in Suburban Settings: Just like previous generations, millennials want to move to the suburbs for more space, and they want to take all the elements of their urban lifestyle along with them. Being within walking distance to parks, grocery stores, schools and work were high priorities. They also are looking for that same sense of community that you can find in a city.
2. Outdoor Space: Of course, having outdoor space has been a dream for everyone. But for millennials who are sick of renting, outdoor space is the main driver for wanting to own.
3. Customizable Living Space: Millennial homeowners are mostly focusing on purchasing a home as their primary residence but they are also dealing with more diverse living situations than previous generations. While many millennials have families, single-adult households are on the rise and millennials’ retiring parents could add another aspect to the living situation. Millennials are looking for flexible living spaces with the ability to customize a new home. They want a children’s play space, a separate living suite and spaces like finished basements and home offices.
4. Financial Gain: Millennials report a household income of around $60,000, and 84% said they feel “financially ready” to purchase a home. They are also interested in building personal financial equity through a home purchase and plan to spend about a fifth of their budgets on renovations and customizations.
What do you think of the ideal millennial home? Does it appeal to you? Talk to us in the comments below!