We’re all familiar with the downsizing trend, spearheaded by intricate tiny homes competing to fit the most usability in a small space but what about buying big? Nowadays millennials are taking the housing market in another direction by “upsizing” to spacious homes for long-term living as well as investment opportunities.
According to NBC, millennials comprise 34% of the housing market and have been leading it for the past four years. Millennials lived through the 2008 market crash and were unable to fulfill their big home dreams early on like the generations before them. Now that there has been a rebound in the housing market, 11.4% since 2008, and the economy is on the rise there are a few key things happening – banks accounts are out of the red and for sale signs are going up around the country. On top of that many millennials have been living with roommates, relatives and their own families in small apartments, so it’s not surprising that they want to go big for their first home!
So What Do Millennials Want?
One of the top wants for millennials is an open floor plan, you can’t get that with a tiny home! Larger homes mean that everything is bigger and brighter and the bigger the house the better the chance of an open floor plan. Millennials live much busier lifestyles than previous generations so it’s harder to find time to get together. Open floor plans make the most of the little time people do have and increase the chances of mingling with family and friends. Bigger homes also reflect modern living and give millennials the opportunity to grow into their home instead of out of it.
According to a study done in 2016, there are several other key components that make the perfect millennial home.
- 2,375 sq. ft. on average
- 48% opted for 4-plus bedrooms
- Outdoor spaces including decks, patios and front porches
- Exterior lighting
- Master bath with both a shower and bathtub
- Hardwood floors
How Do Millennials Shop
Many people buy homes online but that hasn’t stopped Millennials from working with real estate agents. With the rise of online house hunting, the relationship between buyer and agent has evolved. Millennials typically rely on them to handle negotiations and paperwork while they search for the homes themselves using various home buying websites.
To start your homebuying journey, browse the area’s open houses.