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October 25, 2014

Study Shows Home Preferences of Millennials

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Study Shows Home Preferences of Millennials

The Millennial generation is showing a preference for fixer-upper houses over the “cookie cutter” luxury homes their parents’ generation tended to desire, according to a national survey by Better Homes and Gardens Real Estate.

About one in three 18-to-35 year olds recently surveyed say they prefer a “fixer-upper” home with minimal repairs needed. Forty-seven percent say they would be more likely to handle home maintenance jobs themselves over calling in a professional for help. What’s more, 72 percent of Millennials consider themselves handy, earning the nickname the “Fix-It Generation,” according to the survey. 

They also aren’t looking for big, luxury homes like their parents but they don’t mind if a home is smaller, as long as it's unique, the survey showed. Forty-three percent say they want a home that is more customized and less “cookie cutter.” They expect each room in the house to fit their lifestyle. 

Also, 56 percent say that home technology capabilities are more important than a house with great curb appeal. Sixty-four percent of Millennials said they wouldn’t even consider living in a home that doesn't have the latest tech capabilities. Eighty-four percent say that technology is essential for their new home, with the most sought-after tech in the home being an energy-efficient washer and dryer, a security system, and a smart thermostat. 

“It’s critical that real estate professionals understand what embodies a quintessential home for the millennial generation, which vastly differs from the traditional norms of generations before them,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “Understanding technologies to communicate with this generation is now only one piece of the puzzle for agents; ‘smart’ technological capabilities must now be ingrained into the home itself.”

Source: Realogy

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