Millennial Home Buyers make up 28% of the home buyers, according to the NAR 2023 Generational Trends Report.
Knowing this, it’s perfectly logical that home sellers should take their cues from what Millennials are saying they want in a home. Let’s take a closer look…
Who Are Millennial Home Buyers?
Millennial Home Buyers were born between 1980 and 1998 – they are the biggest generation in history! They overtook Baby Boomers in 2020. And, they are at or coming into home buying age and most want homes of their own.
Millennials are buying homes for a variety of reasons.
Stability
For a generation that has bounced around in rentals since being on their own, they want a place to call their own.
They also want the stability in housing costs. They have seen rents continue to rise and want the stability in their housing costs a mortgage payment gives over rising rents.
Building Wealth
Maybe more than other generations, Millennials know that 90% of all millionaires become so through real estate. Building wealth is a priority with the uncertainty in retirement and social security programs.
Personalization
Millennials are tired of dealing with landlords and rental rules. They want to personalize their space without worry of defaulting on lease terms.
While most are not into fixer uppers or major renovations, they do want to decorate and set up a home that fits their own, unique lifestyle.
Wishlist for Most Millennial Home Buyers
While everyone is different, as a group, most Millennials do have strong ideas of what they are looking for in a home. Consider the list below and what you can do to make your home more attractive to this segment of the buyer’s pool!
