Millennials make up the largest group of adults in the USA with well over 70 million of them according to statistics. As a result, they have a huge impact on many different areas and industries of the country. They have incredible spending power, and are not afraid to use it to support and buy things they want.
Millennials make up the largest group of adults in the USA with well over 70 million of them according to statistics.Click To Tweet
One area that millennials are starting to spend more is in real estate. Many millennials are starting to make some good money in their careers and entering the workforce, and real estate is a popular place to spend it. In fact, millennials are actually changing the housing market as we know it, due to this power.
While some millennials are looking at high-rises and lofts for rent and some are looking at purchasing a home, there is no doubting they have a real interest in real estate. Like every industry, there are many trends among millennials in regards to real estate that have been occurring in 2019.
With that in mind, this article is going to take a closer look at some millennial real estate trends affecting the space in 2019.
Millennials Aren’t Afraid of Hard Work
While millennials often get a bad reputation for being lazy and not wanting to work, this isn’t the case when it comes to their homes. Many millennials look to save money when purchasing or renting real estate. In order to do so, they might need to take on a bit of a fixer-upper, and put in a little bit of elbow grease.
And in the interest of saving even more, many will try to handle the renovations and fixes themselves. Doing the work by themselves can save a lot of money, and also give them a true sense of pride in their new home. While they will still hire contractors if need be, it often isn’t the first thing they consider.
The Importance of Green
While many people are trying to live a more green lifestyle, this is especially true for millennials. They often also bring this environmentally-consciousness home with them to their house or apartment. Millennials want to use energy-efficient appliances and technology, and want to reduce their environmental footprint as much as possible.
This can be anything from having a washing machine that uses less water, or air conditioners that use less energy. Whether millennials buy homes with green in mind, or make changes to a traditional home, they don’t often lose sight of their environmentally-friendly goals. This will likely continue with future generations, as well.
Putting the Internet and Technology to Use
One of the biggest trends in real estate, especially among millennials, is using the internet. The internet has changed how millennials search for homes, set up meetings, communicate with landlords or sellers, and so much more. There are dozens and dozens of different websites, apps, and platforms that are aimed at helping people make better real estate purchasing decisions.
Nearly every millennial looking at buying or renting real estate, is using the internet in some way. It could be research, looking at photos or any number of things. In particular, social media is huge as Instagram, Facebook and Twitter are becoming places where millennials will search for their new home.
Looking to the Suburbs For More Space
While nearly everyone loves space in a home, this is especially true for millennials. Millennials want their home to have enough space to grow into, without having to upgrade within a few years once they accumulate more things. Unfortunately, space comes at a premium, so many millennials are looking to the suburbs, where you get more home for your money.
Also, this doesn’t only go for the inside of the home. Many millennials want ample outdoor and yard space, if at all possible. People want more space so they can start families and begin their lives without being cramped and forced to get rid of things to fit.
The Rise of the Smart Home
The smart home is here to stay, and millennials are the ones leading the charge. More and more homes are becoming smart due to the increase in IoT. Devices can now connect to each other, share information and work automatically, without the need for human interaction.
This is greatly optimizing the “at-home” experience for many individuals and is making a variety of tasks much more efficient and easy. While some smart home technologies are quite expensive, there are many that can easily be purchased and used by people on most budgets. As more millennials buy homes, look for smart homes to become much more common.
In conclusion, we hope that this blog post has helped you learn about some of the biggest millennial real estate trends in the market today.