How to Appeal to Millennial House Hunters

How to Appeal to Millennial House Hunters

Trying to get into the mind of Millennial home buyers? Curious what the latest wave of house hunters is looking for in a home? The National Association of Home Builders recently released a report with telling statistics about this generation. It reveals interesting information about what members of Generation Y really want.


What they’re willing to accept to make a home affordable (From most acceptable to less so):

1. Unfinished space

2. Farther away from shopping, entertainment

3. Longer commute to work

4. Smaller lot

5. Fewer amenities

6. Smaller house

7. Less expensive materials


What else do Gen. Y’ers want?:

-75% want a single-family home

-66% want to live in the suburbs, with only 10% preferring a central city location

-78% want a kitchen that is completely open to the family room or only separated by a half wall

-52% want a two-story home

-35% want 3 bedrooms, 46% want 4 bedrooms

-64% want either 2 or 2 1/2 bathrooms

-55% want a separate laundry room, with a total of 90% saying it was essential or desirable

-An elevator is unwanted by 64% of respondents

-84% said they would pay more for a highly energy-efficient home with lower utility bills over the home’s life


Major influencers for moving to a certain community:

-58% said park area

-55% said walking/jogging trails

-54% said playgrounds

-51% said outdoor swimming pool


NAHB Assistant VP of Research Rose Quint predicted that the growing numbers of first-time buyers will drive down home size in 2015. Three million new jobs were created in 2014, 700,000 more than the previous year “and the most since 1999,” Quint said. At the same time, regulators have reduced downpayment requirements for first-time buyers from 5% to 3% and home prices have seen only moderate growth.


“All these events lead me to believe that more people will come into the market, and as younger, first-time buyers, they will demand smaller, more affordable homes,” Quint said. “Builders will build whatever demand calls out for.” (Source)