First, who are Millennials or Generation Y? They became adults around the time of the Millennium and were generally born between 1981 and 1996. They were born and grew up during the advent of the internet and personal computers. They are better educated then previous generations, a larger percentage of women participate in the work force, they are slower to buy homes, are more likely to live at home for longer periods of time and they start families later in life. Of course, there is a lot more than can be said but I just wanted to provide an overview for context.
A study conducting by the National Association of Realtors identified some of the things that Millennials are looking for in their home:
1. They love cities, but often buy in suburbs for the schools/more space.
2. They are often happy in smaller homes.
3. They want to spend less on a fixer-upper to spend it on redesigning.
4. Outdoor space and back yards matter lots.
5. Open floor spaces that connect kitchen, dining and living....to outdoor space are preferable to most. They love outdoor living spaces.
6. They love a sense of community, walkable neighborhoods and a short commute to work. Low crime and good schools matter. Gyms close by.
7. They love customization and personalization. Often a mix of traditional and modern. Home-based amenities like a gym or media room appeal.
8. 80% want a laundry room, hardwood floors and storage. An impressive kitchen with an island is at the top of the list.
9. They love home technology and want more energy efficient homes that are healthy and eco-conscious.
10. They want low maintenance.
Source: Pew Research Center -Millennial life: How young adulthood today compares with prior