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Home Ownership for the Millennial.
In October of last year, Better Homes and Gardens Real Estate released the results of a survey about the view of home ownership for young people ages 18-35. The survey indicated that this demographic, which will inevitably driving the economy for the next 30 years, has a positive and optimistic view of home ownership. In fact, most participants listed the most important indicator of success as just that – owning a home.
And yes, you read that correctly. As surprising as it may be to some, it turns out that young people today aren’t all obsessed with luxury cars or fancy lifestyles. Most want to be home owners, and they’re willing to do whatever it takes. Means of accomplishing their financial goals include working second jobs, budgeting properly, and even moving back in with their parents.
Well last week, 5 months after the original survey, Better Homes and Gardens has just released the results of a brand new survey to shed more light on what this new breed of home buyer is looking for when searching for their ideal home.
Millennial home buyers differ from previous generations in several major ways. A few of the results from the survey include these quick observations:
- The majority prefer the “essential” home to the luxury home
- Most prefer to handle home improvements themselves and 1/3 prefer a “fixer-upper” to a “move-in” ready house
- Customization and technology are extremely important factors in choosing a home
- Many seek to utilize every room for entertainment space, such as adding a TV to the kitchen instead of other popular amenities such as a second oven
To sum it all up: men and women ages 18-35 are eager about home ownership, with a desire to create a unique and personal environment in the home they choose. A majority prefer to make each customization themselves and look for the opportunity to do so when selecting a home.
More information about the surveys is available in the videos below: