A recent survey of millennials found that 70% expect to be home buyers by 2020. As millennials infiltrate the housing market it is important for contractors to understand that their needs differ greatly from prior generations. A recent study by TRI Pointe Group, Metrostudy, Hanley Wood and Ketchum Global Research & Analytics brings three millennial home buyer trends to light.
OUTDOOR LIVING SPACE
Multiple surveys have found that millennials have a greater desire for outdoor living space than any generation that came before them. In fact, many millennials rate outdoor living space as the most important aspect of their home.
- What does that mean for you? Plan on building homes with outdoor patios, decks, and porches.
Open kitchens are a close second for millennial home needs. Millennials not only want an open concept for their kitchen and living spaces but they also want all of their appliances to fit seamlessly into their home.
- What does that mean for you? Homes with open floor concepts will continue to grow in popularity. If you are choosing appliances for a spec home make sure they are high performing and blend with the home design.
71% of surveyed millennials indicated that personalization was a crucial factor for their home. Additionally, 22% of those surveyed in Generation Y stated they would spend money on customization in their home.
- What does that mean for you? Millennials like options. Provide a variety of options for your millennial clients to keep them satisfied with your work.