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Millennial Generation homebuyer


People in Generation Y, or what is more commonly known as the “Millennial” generation, are beginning to enter the housing market at a rapid pace. These young adults, mostly in their 20s and early 30s, have a lot of influence on the way people are buying and selling in the $150,000-500,000 price ranges.
Most of these Millennials are first-time home buyers who have delayed homeownership due to several factors, not least among them the housing crisis of 2008 and student loan debt. Other factors include the desire to live in or near the city which has fewer homeownership options and they are starting families later in life.
According to a Houston-based research firm, there are three key elements Millennials are looking for when buying a home – homes in the suburbs, small yet high-quality houses, and flexible floor plans. As this generation enters their 30s, more are getting married and starting families, which leads to a desire to live in communities with more family-friendly amenities – read: suburbs! They are also looking for low-maintenance houses that have “green” features, thus the small space both inside and outside with smaller lawns to worry about.
Flexible floor plans might be one of the largest deciding factors for this group. Many aren’t looking for a dedicated dining room, preferring an open kitchen concept. And with so many in this age group working from home, bedrooms that can be converted to office space are a great option.
Millennials who haven’t started families yet are focused on life experiences and this includes entertaining. Open floor plans are important to the flow of a party, and Millennials want the ability to watch a movie or game while socializing and preparing drinks and food in the kitchen.
Sellers in the Millennial price ranges must be willing to meet their needs, which could include agreeing to certain home improvement credits if remodeling is what the Millennial buyer wants. Staging your home to show versatile floor plans is another good idea when putting your house on the market if Millennials are your target buyer.