Millennials, the children of baby boomers also known as Generation Y (born early 1980s to mid-1990s), are the most significant consumers of real estate. In fact, a National Association of Realtors (NAR) 2021 report puts it at 37 percent. When they first joined the workforce, big cities with walkability, diversity and more career prospects were the main attraction when it came to deciding where to live. Now that many of them are parents, who work from home, the suburbs have more appeal.
With this pandemic-induced trend showing no sign of subsiding, millennials are looking to move within their current metro rather than to another state. The NAR report confirms that for buyers aged 31 to 40 only 10 miles separate their former home from their new one. Why? Because they are cognizant of living in a home that meets their budget while being close to their professional networks and good schools.
Millennials, in general, want move-in ready homes (not fixer uppers) and low-maintenance properties. That means gardens and yards are less important. The same goes for garages. They don’t mind a smaller home if it means more convenience. However, homes that have separate spaces that can be rented out or put into the Airbnb pool to earn extra income are sought after. Pet owners want amenities that cater to their four-legged friends too.
Don’t forget that when millennials are ready to buy, they will go online to find an agent they like and trust to guide them through the process. Make sure you have an authentic, well-put-together digital presence to grab their attention.
