What Do Millennnials Look for in a New Home?


Luxury homes

According to Realtor.com, most home buyers (61 percent) in 2017 will be under the age of 35. That’s right: more millennials will be looking for new homes than ever before. Whether you’re a property owner interested in selling, or just curious about market trends, read on and discover what’s driving the millennial home buyer.

Millennials Prefer New Houses

A Zillow survey found that nearly half(48 percent) of home buyers look for homes that have never been lived in before. This makes a lot of sense; a new home eases the burden on plumbing and house repairs.

Of recent buyers who have purchased new homes
, 34 percent were looking to avoid renovations and problems with plumbing or electricity. It’s also worth consider that 32 percent of new home buyers are first time buyers; it’s possible that many of these millennial home buyers lack the experience to deal with the upkeep required of an older home.

Millennials Like Townhouses

According to Zillow, only 20 percent of home buyers consider a townhouse when looking for houses for sale. At 23 percent, millennials are the most likely age group to look for townhouses, which are a great draw for the new home buyer.

Realtor.com calls townhomes perfect for new home buyers. The ability to be the master of your own home (unlike a rented property), combined with the low barrier to entry and low maintenance costs make townhouses a great option for young millennial home buyers.

Millennials Like to Keep it Green

When it comes to a new home, almost half (48 percent) of home buyers cite energy efficiency as one of their most desired features. It’s a two-fer: homeowners save money on energy costs while saving the environment.

Going green doesn’t stop at an energy efficient home. Going green is a lifestyle, and home buyers want to live somewhere that suits their lifestyles. For instance, an Urban Land Institute survey found that exactly 50 percent of its respondents preferred to live in a walkable city. The walkability of a city ultimately depends on how friendly that city’s design is towards pedestrians. Nearby schools, workplaces close to home and streets that accommodate pedestrians and cyclists make a city walkable, and it’s overwhelmingly millennials (56 percent compared to 46 percent of baby boomers) who prefer walkable cities.

That’s why home buyers should look for new homes in Philadelphia, which has been ranked one of the most walkable cities in the nation. Many millennials are attracted to Philadelphia real estate because the market meets many of their needs. Not only is the city walkable, but the real estate is affordable and the New England location offers buyers their pick of townhouses.

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