Millennials, also called Generation Y, are the age cohort born between 1977 and 1995 (there’s some fluidity in the date range; some say born between 1980 and 1995). There are 90 million Millennials, which makes them the largest generation in history.
They’re a population that has grown up with technology and the internet. They don’t know life without it. From music to driving to shopping to information to connecting, technology is the vehicle that allows for an individualized, customized experience that for Millennials is one of life’s givens.
The Great Recession of the 2000s impacted Millennials as they watched parents and relatives suffer significant losses—homes foreclosed on and businesses that went bankrupt. Many delayed getting married or having children because of huge student loan debt or the scarcity of decent jobs. Some have had to move back home with their parents (they’re called the “boomerang generation”).
The Great Recession left Millennials cautious about spending and slower to buy homes. Owning a home is desirable for Millennials, but they view ownership less as a status symbol and more as security. Eighty-six percent of Millennials believe that owning a home is a better use of their shelter budget than renting and that owning is more affordable than renting.
While Millennials want to own a home, it’s not a decision they rush into. They tend to buy smaller at first with the intention of buying bigger later. And they only expect to stay in a house for ten years, understanding that today’s job market often means relocating.
Many Millennials have families now, and this drives their home-buying considerations. They want to live in places with space. The Washington Post cited a Millennial trend of choosing to live in “surban” areas—places that have a combination of urban and suburban elements. These include affordable neighborhoods with parks, schools, and easily accessible entertainment areas.
Some Millennials will move to the top of an isolated hill in Montana to live greenly and sustainably. Others want to live close to where they work, so they’ll buy someplace that doesn’t require a long commute. However, as just mentioned, the arrival of children has Millennials moving to suburbs or surban areas.
Millennials want value for their dollars, but while they tend to be frugal, they also want quality features. According to Elizabeth Weintraub at The Balance,
- In kitchens, Millennials want high-quality, stainless-steel appliances, built-in wine coolers, granite or stone counters, upscale cabinetry, and recessed lighting.
- In bathrooms, Millennials want glass and stone, brushed nickel, motion light sensors, wall-mounted double-handle faucets, vessel sinks, and dual rain showerheads.
- Millennials like open floor plans, media rooms, children’s playrooms, spaces dedicated to working out, and wine cellars.
Some homeowners have houses and properties in locations that appeal to Millennials and can be marketed to that demographic segment. Others own homes that appeal more to different generations. Good realtors will assist homeowners in marketing effectively regardless of what the target generation is, how the house looks, or where it is located.
Sometimes it makes sense to circumvent the traditional home-sales path and sell a house quickly to an investor. Selling to a home-buying company avoids the inconveniences of preparations and showings; it also eliminates the cash outlay for inspections and repairs.
Houston Re Home Buyers (https://houstonrehousebuyers.com/ )is a house buying company. We buy houses as-is in Houston and around the state and country. We have a ten-year history and $26 million purchase record.
Your home may be a perfect fit for a Millennial buyer, and it may not. In either case, if you wish to sell your property quickly and easily, contact Houston Re Home Buyers today. We make purchase offers within 24 hours of receiving requests, with no pressure.
For many homeowners, selling directly to an investor is more appealing than going to the effort and expense of marketing, whether that be to Millennials or any other market segment.