Millennials, those born in 1980 or later, are one of the most talked about and analyzed generations. Like other age groups, millennials have several distinguishable home feature preferences, according to a recent analysis from the National Association of Home Builders (NAHB). The survey asked first-time buyers and existing home owners across generations to rank features based on how essential they are to a home-purchasing decision.
Purchasing a home is all about “location, location, location.” Nearly a quarter (23 percent) of millennials want to buy a home in a central city location, compared to only eight percent of Boomers, those born between 1946-1964. NAHB analysis shows that city living for millennials wasn’t always a top choice. When asked the same question in 2007, only six percent wanted a home in the city.
Not only the location, but the size of the home desired differed among age groups. Millennials have less than 2,000 square feet in their current home and say they want more. Seniors, those born in 1945 or earlier, currently live in much larger homes compared to millennials and say they want less than 1,900 square feet in a future home.
Millennial preferences differed somewhat from baby boomers and seniors when asked about home features. The top 10 list of most desired features for millennial buyers include a walk-in pantry, exterior lighting, a front porch and table space for eating. Unlike millennials, boomers and seniors did not include these features in their list of top 10 amenities.
With so many differences among the generations, you may be surprised to learn one area of similar preferences for millennials: environmental attitudes. A common societal perception is that millennials are more environmentally-conscious relative to their older peers. The assumption may be true in other areas but is not reflected home buying preferences. More than a third (33 percent) of millennial home buyers say they want an environmentally-friendly home but are unwilling to pay more which is about the same as baby boomers and seniors, both at 39 percent.
Contact your local chapter here to learn about the latest features available in homes in the Massachusetts area.