03 Sep Designing for the Millennial Home Buyer
“I Want it all, and I Want it Delivered”
Designing for the Millennial Home Buyer
It’s an exciting time for the Denver real-estate scene, with lots of new developments popping up overnight. But with all the new residential projects being developed, we keep running into the question “What do millennial home buyers expect for their first home?”
Let me back up. Why are we so focused on designing homes for Millennials? What even is a Millennial?
The millennial cohort (sometimes also referred to as “Generation Y”) is made up of people born between the years 1980 and 1995. While some older age groups have considered the millennial generation “entitled” and “impulsive,” research described in an article from San Antonio Realty shares this generation is “characterized by self-confidence, technology, high levels of education, and social connection.”
But why does this matter?
“Millennials are now the largest generation in history, boasting approximately 90 million members.” According to the National Association of Realtors, millennials currently make up the largest share of home buyers. However, studies have shown that millennials are waiting longer to buy, with a thrifty mindset that expects a lot of “bang for their buck.”
Jill Waage, editorial director for home content and Better Homes and Gardens, characterizes the next generation of home buyers wanting “smart, stylish homes that enable them to connect with friends and family.” She goes on to say “… Women 35 and under see value in owning a home and their attitudes toward making space livable through smart technology and integrated design.” This type of technology integration in design is becoming crucial to appealing to this market. Things like being able to preheat an oven or unlock the front door from your smart phone, is considered the new norm in home convenience.
What are other important design features?
In a recent poll described online at New Home Source.com, three-quarters of millennials want a single-family home around 2,500 sq ft. featuring either three or four bedrooms with two and a half baths. Also design elements at the top of the list are:
- Open floorplan/ concept
- In home laundry
- Well thought exterior lighting
- Outdoor living spaces
- Pet amenities
- Quality materials
Home design is one of the top motivating factors for millennials purchasing new homes. They need to be functional spaces, that offer quality materials and technology integration as key design elements. Millennials place a lot of importance on affordability and convenience when it comes to buying their first home. If we can incorporate these features into new builds, and remodel projects, we’ll likely have an easier time designing spaces that inspire and delight the Millennial home buyer market.