Millennials’ desire to buy homes has been up for debate for quite some time, but despite what you’ve read in 1,000 thinkpieces, millennials currently make up around 35% of the U.S. housing market and make up 68% of all first-time homebuyers. So if millennials do want to purchase homes, what exactly are they looking for in their starter homes?
Want to learn more about what millennial homebuyers are looking for? Take a look at the infographic below, where we count down the home features most important to millennial homebuyers:
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Above all else, millennials want a separate laundry room. And they’re not alone! In fact, an estimated 92% of homebuyers want a laundry room included in their purchase. Second on the list is exterior lighting. This includes porch lights and backyard lighting, among other fixtures. And an impressive 90% of homebuyers are with millennials on this one, as well. Some other highly sought-after outdoor features include patios, front porches, and decks.
#3 on the list has sparked some debate. While a 2016 National Association of Home Builders survey discovered living rooms are the third most desired home trait for millennials, the National Association of Realtors reported that an overwhelming majority of young homebuyers are looking for open floor plans. Next, the bathroom gets some attention with Millennials wanting both a shower and a bathtub in at least one of the bathroom, especial the master.
Skipping down a few spots, ceiling fans come in at number seven. That may seem mundane, but a full 86% of homebuyers also rank ceiling fans as essential fixtures in a new home. Right behind that – and somewhat related – energy-efficient appliances also made it onto the list. And again, this desire is mirrored across generations, with a full 90% of buyers requesting this home feature. In addition, hardwood floors are highly preferred over carpeting by almost 82% of buyers.
While that wraps up the indoor features, our research also identified the top 3 most desired outdoor features being patios, front porches, and decks. All of these features extend the usefulness of a house beyond its walls.