Photo by Alena Darmel
Alena Darmel from Pexels

Millennials are the largest demographic of homebuyers, and their expectations have shifted. From an emphasis on location to an increased focus on sustainability, millennials have different criteria when it comes to purchasing a home.

Some even end up living with their parents while they save money, and if their parents are 60 and over, they can use a reverse mortgage calculator from ARLO to help them stay in a large home for longer and accommodate their family needs. Millennials benefit from their parent's ability to help them save toward the purchase of their own homes.

But when they are ready to buy, here are some things they are looking for.

Location, Location, Location

Location remains one of the most critical factors for millennial homebuyers, with many prioritizing convenience over size. Millennials are more likely to pay extra for prime sites near amenities like schools, parks, and public transportation. They also tend to prefer vibrant areas with plenty of restaurants and entertainment options nearby.

Sustainability Matters

Millennials are exceptionally aware of environmental issues and want their homes to reflect their commitment to sustainability. Many millennials will choose energy-efficient appliances and features such as dual pane windows and solar panels that help reduce their carbon footprint. They also prioritize energy-efficient insulation and materials like bamboo flooring that don't require harsh chemicals for cleaning or maintenance.

Connectivity is Key

Millennials value technology and expect their homes to have high-speed internet access at all times. In addition, they often opt for smart home automation systems that remotely control lights, temperature, security systems, and other home appliances from their phones or computers. Smart home automation systems can save money by regulating heat and air conditioning levels while homeowners are away from the house or asleep. Connected devices can also alert homeowners if there is a fire or water leak in the house while they're away - providing an added layer of security and peace of mind.

Affordability

Millennials have been hit hard by the recent recession and are often cash-strapped when it comes time to buy a home. As such, they look for affordable housing in areas with lower costs of living and property taxes. For example, millennials may choose an older home needing some TLC over a brand-new one if it means they'll save money in the long run. This is why many millennials opt for fixer-uppers or homes in up-and-coming neighborhoods where prices haven't skyrocketed yet.

Community

Millennials are all about community; they want to be part of something bigger than themselves and feel connected to those around them. As such, they may seek out neighborhoods that offer more opportunities for socializing, such as local parks or recreation centers where neighbors can come together and get to know each other better. They also may explore communities with active HOA organizations that organize events throughout the year or even look into co-living arrangements with roommates who share similar interests and values.

Size

Millennials are looking for smaller homes that are easier to maintain. They may forgo a larger property or a more spacious layout for something that is less work to keep up. This can be especially true in urban areas where space comes at a premium, and the cost of living is higher, forcing many to downsize from the start. Most millennials live in rented accommodations, and a desire to avoid expenses like home maintenance, property taxes, and insurance makes it even more appealing for them to opt for a smaller home.

Whatever your criteria may be, it's essential to keep in mind that millennial homebuyers are looking for much more than just basic housing needs - they want homes that reflect their values and priorities as well.

Open Floor Plans

Open, flexible floor plans are also highly sought after by millennials, who value the ability to customize their living space and rearrange it as needed. Whereas previous generations may have been content with a traditional layout that included separate rooms for different activities, millennials prefer open layouts to move between spaces or even share them with others quickly. Whether it's a large family room that doubles as a guest bedroom or an office area that can be turned into a home theater at night, millennial homeowners don't want to feel constrained by traditional floor plan designs.

Smart Home Features

In addition to green features and connectivity, millennials also look for smart homes with advanced technology integration and automation capabilities. From smart lighting to climate control systems, home automation can allow millennials to monitor and adjust their home environment remotely from a smartphone or computer. So if you're looking to attract millennial homebuyers, it's essential to consider the importance of these features in your properties. After all, modern buyers are always looking for homes that fit their lifestyles and priorities - no matter what generation they belong to.