Millennials Want This Type of Housing
We can all agree that the members of the Millennial-generation are tech-savvy and won’t hesitate in latching on to whatever trend might come up next. But when it comes to buying their first homes, they will have to think twice before making their decision.
Rising property appreciation, coupled with uncertain job prospects and sluggish income growth, is putting pressure on this demographic, so much so that that homeownership is on a general downward trend across North America.
While being able to afford a down payment may seem more like a longshot today compared to when Baby-boomers bought their first homes, Millennials are not stymied when it comes to settling. Despite challenges to home ownership and competition from boomers, Millennials are still willing to stay in long-term careers and finally own a home in the communities they love.
First off, Millennials want nothing more than to live in communities that fit their lifestyles and work ethic, particularly in suburban neighborhoods near urban centers for easy commute. In fact, in a CNBC article by Megan Leonhardt, at least a good 38 percent of millennial homebuyers are living in the suburbs. At least 41 percent of current millennial homeowners, on the other hand, “opt for suburbs over cities, small towns, or rural areas. Cultural hubs are also ideal millennial enclaves, so expect them to search for their first homes in places such as Boston and New Orleans. Interestingly, places like Washington D.C. and Massachusetts offer the right conditions along the lines of rent affordability and job prospects.
Focus on lifestyle and leisure
According to an article on GlobalRealEstateExperts.com, about 48% of the Millennials’ disposable income goes to leisure. That being said, communities that allow for greater lifestyle options are ideal. With ample shopping centers, recreational facilities, parks, cafes, and concert venues, communities that are able to capture the lifestyle expectations of Millennials are absolutely perfect for settling down.
Upgradeable living spaces
Aside from ideal communities, millennials also want to live in homes that have the right amenities. And for sure, fast and free internet remains a priority. We can look no further than homes that allow ample room for customization. Whether it involves setting up a home entertainment system or a spacious recreation area, Millennials are looking for homes that are upgradable to better fit their recreational expectations.
If you’re looking for the right home with all the right amenities in the community you love, then it helps to work with a broker who knows where to start looking.