Over the last couple of years, there have been major changes in the housing market. One of these significant changes is that the millennial generation does not make up a large percentage of homeowners. After coming out of college with a lot of debt and having trouble finding jobs, it has been difficult for millennials trying to buy a house. It isn’t the lack of desire to buy a house, but the struggle to pay off current debt and also save money while making a lower than expected wage.
Are you looking to sell your home to the millennial market? At Tallen Builders of Ocala, Fla. we have been remodeling homes for over 35 years through Central Florida. Read further to learn what you can do to make your house appealing to this new market.
Signs You Are Living In a Millennial Neighborhood
You might see a lot of younger people these days gathering at coffee shops with their laptops and tablets, this is common for this generation and could be a sign you are in a millennial neighborhood. In millennial zip codes, nearly 20 percent of residents are employed in the science and technology industry, compared with 7 percent in all zip codes.
Another sign is the different styles of cuisine available throughout the area. Most millennials prefer to live closer to a variety of options. Walkability is the new buzzword and millennials prefer to be close to everything, or at least close to easily accessible public transportation. Also, the current trend of eating organic, gluten free or vegan foods is heavily influential in these areas. The median income of households in these millennial neighborhoods is over 50 percent higher than in all zip codes, increasing the popularity of otherwise expensive organic foods.
What Millennials Look For
When millennials are looking for a home to buy, they have different desires than what their parents wanted when buying a home. Listed below are some of the top items millennials are looking for.
Amenities – Such as restaurants, bars, boutiques and work.
Good Schools – Millennials look at home buying as an investment and the start of building a family, having quality education for the children of these college-educated homeowners is a must.
Home Technology – with the current trends in technology, most millennials will want to link their smartphones to everything possible from their heating and air unit, TV and even refrigerator.
Smaller, flexible space – Millennials don’t try to define the rooms of their home, instead they would rather make rooms multipurpose than only for dining. Market the space in your home as flexible and versatile; let them choose how to use it.
Hardwood Floors – Carpets get dirty easily, they are hard to clean and most millennials would prefer the ease of hardwood flooring.
Bold wall colors – Neutral colors are out and bold, bright and vibrant are in.
Strong cell and wireless service – Most millennials don’t have home phones and stay connected to work, friends and family through a single cellular device. Have consistent and strong service options is mandatory.
Quiet energy-efficient appliances – Most millennials are just coming out of debt and want to keep their bills as low as possible. Offering quiet and energy-efficient appliances will give more appeal to your home.
Student debt is closely related to the low homeownership rates; however, a large majority of college grads who have paid off their debt own homes. Over the next five years, you should plan to see millennials purchasing homes and moving away from renting and apartments. This is a perfect time for the baby boomers planning to sell their homes to start remodeling to market towards the millennials.
If you are planning to remodel your home and have questions, please contact us. Tallen Builders has been servicing the central Florida area for over 35 years and would like to help you with your next project. Connect with us on social media to share your remodeling ideas.
— Tallen Builders (@TallenBuilders) December 11, 2014