The millennial life is fast. Made up of people born between the years 1980-1995, this generation (also referred to as “Gen Y”) is currently the largest generation in history. It is self-confident, technologically sound, aware, educated, and socially connected. However, never has a generation bewildered marketers and realtors with their habits.
What’s surprising, however, is that for a generation that has been deemed “entitled” constantly, millennials are astonishingly accommodative. They are ready to make sacrifices wherever necessary, as long as they have their convenience.
That said, how do the millennials prefer to live? What do they want in their home? How and where does the difference from Gen X strike? Gone are the days of expansive backyards, undulating lawns and gardens, and rustic features. It’s really simple – millennials want an easy blend of the following:
Millennials save up for experiences, not assets. They’d rather spend money on travels than on a property or an automobile. So, one might wonder, how do you expect them to afford a home? That’s where the affordability factor comes in. Millennials are happy with mid-segment floor plans, as long as the property packs a bunch of modern features. This brings us to the next point.
Smart, contemporary features
Dedicated corners for “home offices”, large kitchens and hangout areas, fast internet services, remote security systems, and home automation are some of the many features that millennials prefer in their homes. So much so, that these features are often the deciding factors during assessment.
A home that’s closer to their workplace, and is replete with all conveniences of daily life, saves millennials ample time and gas. They want homes that are connected to the city, yet not within it. However, shopping malls, convenience stores, entertainment avenues, and an efficient road network tops their list of must-haves.
The millennial generation is smart enough to do their research, which is why, they take their time to zero in on a property that meets all their requirements. The real estate market is their new playground, and they’re no longer afraid to give it a go. After all, you can’t replace the feeling of owning a home, can you?