“Millennials aren’t moving to the suburbs,” they said. “They’re looking for energy efficient homes in metropolitan districts where they can bike to work and grow vegetables on their patio,” they said.
Although his was true a few years ago, a growing number of 18-32- year olds have come around to the idea of traditional neighborhoods. Their parents, now empty nesters, may be moving down south working with real estate companies like Sky Five Properties. They invest in smaller, luxurious real estate options for retirement. Meanwhile, millennials do things much differently.
Wave-to-your-neighbor-at-the- mailbox kind of living in the ‘burbs. They are known as the generation that would rather spend money on experience and adventure rather than retirement and savings accounts. They’re also more likely to spend money on travel, new food, spontaneous trips. Millennials are also more likely to take a risk and start a business than the generations before them.
Why Millennials Are Moving To The Suburbs After All
While their parents, now empty-nesters, may be moving down south, millennials are going about their real estate experience much differently.
Millennials are a little late to the game when it comes to buying real estate. This may be in part because of their astronomical student loan debt and the recession. And let’s not forget about the rising real estate market and difficulty finding a job after college. When they’re finally in the right place to buy a house, many urban options are either too expensive, unavailable, or not conducive to their lifestyle.
So they move to the suburbs closest to the major cities and buy the oldest, most affordable option. They’re not necessarily worried about being close to the best schools or buying the biggest, newest homes. Experiencing the “city” life is still very important to them. For this reason, they’re buying smaller, older homes that keep them geographically where they want to be.
A Shift In The American Dream
The American Dream looks a little different to millennials than it did to their parents. They are perfectly ok with smaller square footage and a smaller carbon footprint, they want walkability and convenience, and they want their home to work for them.
While they aren’t worried about pools, a ton of bedrooms, a quiet cul-de-sac, a three car garage or other features that typically define buying a home in the suburbs, they are interested in new, energy efficient appliances, a “smart home” system, hardwood floors, and outdoor deck or patio, and a close proximity (less than 10 miles) to the nearest city.
Many suburban homes easily implement these features. But millennials are having a hard time finding a home that is built to meet their needs. They’d prefer a spacious bedroom to a big piece of property, and they’d choose a fully furnished basement over an above average school district.
They aren’t looking for fancy embellishments or pricey upgrades, and don’t care about crown molding, formal dining rooms or imported materials, and prefer open layouts and multi-functional rooms. Millennials prefer low maintenance living. They focus on technology, being environmentally conscious and comfortable.
Staging A Home For Millennial Home Buyers
The millennial generation expects instant gratification and gravitate towards homes ready for living. They want to do very little work to in order to create the space they need. A turnkey home is more up their alley than a fixer-upper. A real estate agent working with millennials leads potential buyers towards staged homes that show them the potential.
Showing them a home with an art studio, fitness room, gourmet kitchen or home office will peak their interests and get their creative juices flowing with ideas on how to make this space their own. Like the generations before them, they like clean lined furniture, uncluttered spaces, light paint colors and open floor plans. Floral wallpapers, outdated furniture, trinkets and collectibles and quilts that remind them of their grandma feel tired. Modern fixtures like laptops, cell phone charging stations, updated appliances and an emphasis on social spaces grab their attention.
One of the most important things to remember about millennial home buyers is that they don’t view a house as a long-term investment or a place to “settle down.” It’s a comfortable, fun, affordable place for right now. Their interests and styles are constantly changing, which means their taste in real estate will too.