What Millennials Want and Don’t Want In a Home

Millennials are now a target market for the residential real estate industry. Millennials are those born between 1981 – 1996 according to Pew Research Center. In a nutshell, four out of five millennial buyers can go without wine cellars, elevators and laminate countertops. On the flip-side, they want laundry rooms, hardwood front exteriors, patios and garage storage.

 

The 2018 study, put  out by the NAHB Economics team, surveyed prospective buyers on 175 different features. Below is a list of the 10 most wanted features and the 10 less desired features for millennials.

When surveyed millennials had a distinct list of desired features they want in a new home. First on the list is a laundry room. Eighty-six percent of millennials said a laundry room is a must. Next were hardwood floors coming in at 81% as well as a patio at 81%. Garage storage comes in next at just 1% lower at 80%. A walk-in pantry, exterior lighting and ceiling fans all ranked at 79%. The last three on the list were all at 78% which includes a front porch, table space for eating and a double sink.

 

Millennial least wanted features ironically are the most desired in the baby boomers and seniors. Elevators made the number one slot on the list at 47%, a feature that baby boomers and seniors would benefit from. A unique feature from most, cork flooring, came in at second at 33%. A wine cellar, a feature many think is luxurious, came in at 32%. Three features that all came in at 30% are laminate countertops, golf course communities as well as a high density community. A feature for animal lovers, a pet washing station, came in at 29%. Two features at 27% are laminate flooring and a master bath that only features a shower stall. Last on the list for least wanted features is dual toilets in the master bath which came in at 27%.

As millennial’s age there will be a shift in their preferences. This has already been the case as seen in the amount of bedrooms desired. In 2007, 80% of millennials desired one full master bedroom suite along with three standard bedrooms. This has shifted as shown by the study in 2018 which reports only 60% desire one full master bedroom suite along with three standard bedrooms.

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