Home >> Daily Dose >> What Millennial Homebuyers Want
Print This Post Print This Post

What Millennial Homebuyers Want

housesWhile they might desire many home features, some are absolutely essential to have for millennial homebuyers, according to a survey by the National Association of Home Builders (NAHB).

The NAHB survey asked recent and prospective millennial buyers to rate 175 home features in four categories—essential, desirable, indifferent, and do not want. It revealed that at least four out of five millennials preferred laundry rooms, hardwood front exteriors, patios, and garage storage. Of these, the laundry room was a feature that millennials deemed absolutely essential with 86% of millennials surveyed needing this feature in their home.

A walk-in pantry was also high on the list of things millennials desired, along with exterior lighting, a front porch, and table space for eating. Millennials also listed a double sink among their top 10 desired features.

But these preferences were different from baby boomers and seniors, the survey indicated. Walk-in pantry, front porch, table space, and a double sink were not among the top 10 home features desired by the older generations. 

Elevators featured as an amenity that millennials said they could do without. In fact, 47% from this age-group said that they were least likely to want this feature, followed by cork flooring in the main living spaces (33%) and wine cellars (32%). Laminate countertops, golf course, high-density community, pet washing station, only shower stalls and dual toilets in the master bath, and laminate flooring were some of the other features that millennials said they could do without in their homes.

The survey also revealed that that millennial preferences for their master bedroom features have also changed dramatically over the years. It found that today 60% preferred one full master bedroom suite plus three standard bedrooms and 40% wanted two full master bedroom suites plus one standard bedroom. In 2007, this ratio was 80-20.

Click here to read the full study.

About Author: Radhika Ojha

Radhika Ojha is an independent writer and editor. A former Online Editor and currently a reporter for MReport, she is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her master’s degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.
x

Check Also

More Millennials Embracing Refinancing

Click through to see why a new report says lenders “should proactively reach out” to prospective buyers.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.