Over the past couple years, the housing market has experienced profound impacts, especially during and after the pandemic, but that hasn’t stopped millennials and Gen Zers from purchasing homes. Both generations have clear preferences when it comes to home buying, and their tastes differ. Read on to learn what millennials and Gen Zers look for in a home.
What Millennials Seek in a House?
Many millennials understand that their first home may not be their dream home, and they are OK with that because it allows them to build wealth. Here are a few aspects they seek when it comes to home buying:
- Updated kitchen: A large, updated kitchen is at the top of the list. Millennials enjoy using this space not only for cooking, but also for entertaining guests. This is why many of them look for open floor plans where the kitchen and living areas are connected. Homes with large kitchens with stainless steel appliances and central islands are a key selling point for this generation.
- Low maintenance: Millennials value convenience. They prefer to buy turnkey homes that require little to no renovations. Low-maintenance features that they enjoy include hardwood floors, modern light fixtures, granite countertops and even xeriscaping.
- Outdoor space: Today’s young buyers enjoy relaxing outdoors and socializing with guests on their patio/yard, and they prefer homes with functional outdoor spaces. Bonus points if the space includes a pool, deck, fire pit, vegetable garden or kitchen. Moreover, having an outdoor space allows millennials to expand their square footage.
What Gen Z Wants in a Home?
Gen Zers are optimistic change-makers. They are still graduating from college and many of them are renting, however, they aim to become homeowners. This generation differs from millennials because they tend to be thriftier and more practical. They also save more money.
Here are several factors that they look for in an abode:
- Communal space: Gen Zers are social and enjoy catching up with friends and making new ones. They are comfortable with communal spaces and communal living arrangements as they have more of a nomadic lifestyle.This includes coworking spaces for work, socializing and relaxing. They are also interested in tiny homes.
- Aesthetics: This generation grew up with technology and social media at their fingertips. Therefore, they prefer properties that are visually pleasing andphoto-ready. Moreover, a lot of natural light is also important to Gen Zersbecause they enjoy taking photos and filming content for various social media platforms.
- Smart technology: Gen Zers are digital natives and prefer smart technology in homes. This includes automatic thermostats, lighting, smart locks and video surveillance.
What Both Generations Want
- Location: Both generations seek diverse neighborhoods with great communities.
- Energy-efficient options: Millennials and Gen Zers are environmentally conscious generations. As such, they care about their home’s environmental impact and energy consumption. They prefer to invest in energy-efficient homes.
At some point in their lives, both generations may be interested in rental property financing. For more information about what these two generations look for when home buying, see the accompanying resource.
This infographic was created by Renovo Financial