Millennials need and expect more out of a new home than previous generations, and that’s largely due to changes in technology that are a part of daily life. They want homes that are Internet of Things ready, full of electrical outlets with USB ports, office space for working at home, and smaller dwellings that have a low carbon footprint. New home builders who have been used to constructing homes that take over most of their lot are now having to rethink their designs to accommodate the change in tastes the millennials bring to the market.
Home security has taken on a whole new meaning with the ability to connect to doorbell cameras, door locks, and even thermostats from anywhere in the world. A millennial homebuyer wants and expects their new home to have these features, and if not, the ability to connect their devices to the home without a lot of trouble. They like having the option to check out their home and know that it’s safe from disaster or theft at any given moment.
Dedicated office space has become more important as more people work from home and need an area that can be closed off from the rest of the house. An office space is the modern equivalent of the den in that it’s a space dedicated for the purpose of business only. And, millennial homebuyers want as many electrical outlets within easy reach in an office space so their peripherals and portables are always ready for use.
The ’80s and ’90s saw large homes built across the country in response to the baby boomers’ need for space and luxury. Millennials grew up in these homes and are now passing them over in favor of smaller homes. Gen Y is more environmentally conscious than the baby boomers and prefers to live in homes that don’t require expensive heating and cooling bills just to stay comfortable.
Sources: City Realty, Business Insider
I’ll continue to monitor economic reports closely, but if you have any immediate questions, please call or email today.
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
