“Because they generally don’t have much ready cash, Millennials will come into the home-buying market as first-time buyers, demanding smaller, more affordable homes,” said National Association of Home Builders (NAHB) Assistant Vice President of Research Rose Quint. “And builders will build whatever demand calls for,” she added.
When NAHB surveyed Millennials to learn what their most wanted features in a home were, the #1 choice was a separate laundry room. In fact, 55% said they would not consider buying a home that did not have one. Storage is also important, with linen closets, a walk-in pantry and garage storage. Another “must have” is appliances with Energy Star certifications. This group is willing to pay 2 to 3% more for energy efficiency as long as they can see a return on their power bills.
Quint also believes Millennials will seek less expensive, low-maintenance choices like a brightly painted front door, strings of garden lights, and landscaping that needs less watering and mowing, like succulent plants and larger patios.
However, if they can’t quite afford that first home, many say they would be happy to sacrifice extra finished space or drive a little farther to work, shops and schools, but are unwilling to compromise with less expensive materials.
The National Association of Home Builders tells MHProNews that a whopping 75% of this generation wants to live in single-family homes, and 66% of them prefer to live in the suburbs. Only 10% say they want to stay in the central city.
Quint also unveiled the results of another survey asking home builders what features they are most likely to include in a typical new home this year. Of the Top 10 features mentioned by home builders, four have to do with energy efficiency. Important features include Low-E windows, Energy Star-rated appliances and windows, and programmable thermostats. The top features include a master bedroom walk-in closet and a separate laundry room.
Least likely features include high-end outdoor kitchens with plumbing and appliances and two-story foyers and family rooms. “Consumers don’t like them anymore, so builders aren’t going to build them,” Quint said.
Jill Waage, editorial director for home content at Better Homes and Gardens, said another important consideration is Millennials’ seamless use of technology. “They’re very comfortable with their smartphones and tablets, and increasingly seek ways to control their heating and air-conditioning, and security and lighting as well as electronics like televisions and sound systems from their phones,” she explained.
As new generations reach home buying age and have to deal with the economic conditions presented to them, home choices and features will change to accommodate their preferences and income levels. ##
(Photo Credit: Wall Street Journal)
Article Submitted by Sandra Lane to – Daily Business News- MHProNews.
