Throughout the last several years, the real estate market has encountered significant changes, particularly during and after the pandemic, yet that hasn’t prevented younger generations from buying homes. The two generations have clear inclinations with regards to home purchasing, and their preferences vary. Read on to realize what millennials and Gen Z search for in a home.
What Millennials Look for in a House
Numerous millennials know that their first home may not be their forever home, and they are alright with that since it helps them to create financial momentum. The following are a couple of aspects they look for with regards to home purchasing:
• Refreshed kitchen: A huge, refreshed kitchen is number one on their list. Millennials love utilizing this space for cooking, as well as for entertaining guests. To this end a large number of them search for open floor plans where the kitchen and living areas are connected. Homes with huge kitchens with stainless steel appliances and islands are a major selling point for this age group.
• Low maintenance: Millennials love comfort and convenience. They like to purchase turnkey homes that require little to no renovations. Low-maintenance features include hardwood floors, modern light fixtures, stone countertops, as well as xeriscaping.
• Outdoor living space: Today’s young homebuyers enjoy spending time outdoors with their guests on their patio or in the yard, and they desire homes with functional outdoor entertaining spaces. It’s a bonus if the outdoor space includes a pool, deck, fire pit, or outdoor kitchen. Having an outdoor entertaining space allows these homeowners to expand their square footage.
What Gen Z Needs in a Home
Gen Zers are hopeful change-makers. Many are still graduating from college and are currently renting, however, they dream to become homeowners. Gen Z differentiates itself from millennials in the way that they tend to be thriftier and more practical. This generation also saves more money.
The following are a few factors that they search for in a dwelling:
• Communal areas: Gen Zers are social and appreciate making new friends. They are comfortable in common spaces and living arrangements as they enjoy a more nomadic lifestyle. These types of spaces include coworking spaces for work, mingling and unwinding. They are likewise intrigued by minimalistic living spaces.
• Feel: This age group grew up with innovation and online entertainment readily available. Hence, they lean toward properties that are outwardly satisfying and photo-ready. Besides, a great deal of natural light is critical to Gen Zers since they appreciate taking photographs and shooting content for different social media platforms.
• Smart home technology: Gen Zers are digital natives and favor homes with smart technology. This technology includes smart thermostats, lighting, smart locks and security.
What These Generations Have in Common
• Location: Both generations desire diverse and friendly neighorhoods.
• Energy-efficiency: These generations have grown up in an era of environmental consciousness. They care greatly about their home’s natural effect and energy utilization. They like to invest in energy-efficient homes.
At some point in their lives, these generations might be keen on investment property financing. For more information about what these two generations search for while purchasing a home, see the following infographic by Renovo Financial.
This infographic was created by Renovo Financial, investment loans for rental property