Popular research describes millennials as an open minded generation who embrace technology, seek out diverse people and experiences, and are tuned-in to cultural trends. Based on this description, you might conclude that given a choice, most millennials would prefer to live in urban areas (like downtown Dallas or Fort Worth). The actual data on this subject may surprise you.
About 43% of homebuyers in 2022 were millennials, and many of those individuals bought homes in suburban areas rather than in the urban areas of large cities. This sheds some light on what members of this generation prioritize, particularly when it comes to the new home features millennials want most.
What Are Millennial Homebuyers Looking For?
A 2022 study by the National Association of Realtors shows some interesting figures when it comes to the purchasing decisions of millennial homebuyers. In this study, buying preferences of various demographic groups were tracked, including individuals aged 23 to 31 (younger millennials) and 32 to 41 (older millennials). Let’s review the findings of this study and some other homebuying trends as well.
1. Neighborhood and Location
Both younger and older millennial respondents rated the quality of the neighborhood as a very important factor (66%) when selecting a new home. Suburban communities were selected as the preferred community type (over urban areas, small towns, resort/recreation areas, and rural areas), with 48% of younger millennials and 54% of older millennials saying they purchased homes in the suburbs.
Having the ability to customize their home is important to the millennial generation. 43% of millennials indicated that having the ability to choose colors, flooring, and finishes in their new home was an important factor in choosing their home and community.
The builders in new home communities like Union Park by Hillwood in Little Elm, TX offer several inspiration packages with wall and cabinet colors, flooring styles, and other finishes for buyers to choose from to customize their home while it is being built.
3. Plenty of Outdoor Spaces
Outdoor spaces are high on the list of important features millennials want in a new home community. Outdoor recreation areas within the neighborhood as well as proximity to parks, walking trails, and other green spaces have become priorities for many people, and millennial buyers are focusing on this aspect as well.
4. Pet-Friendly Features
Pet-friendly features are another common priority for millennials. With pets beginning to take a more central role in many millennial families, there’s an increased emphasis on outdoor spaces for dogs and their people to enjoy.
A 2017 survey by SunTrust Bank confirms this, with 33% of respondents indicating that more space for a dog was one of their motivators for buying a home. Many new home communities are including dog parks in their designs because it is one of the modern home features millennials want to see in their community.
5. Smart Home Technology
Technology and convenience have become increasing priorities for many demographics, and millennials are, naturally, included. Some of the modern home features millennials want include built-in wiring for Internet connectivity, video doorbells, and prewired security systems. Homes that include smart home features or make it easy for homeowners to add their own are likely to continue rising in popularity as homebuyers raised on modern technology make purchasing decisions.
6. A Sense of Community
Finally, and perhaps most importantly, millennial homebuyers value a sense of community. It’s not enough to just find a nice house. They want ways to connect with their neighbors as well. That means shared amenities, common areas, community events, and well-designed neighborhoods encourage spontaneous interactions with others.
Some new home communities such as Union Park are built around an enriching lifestyle program that offers events, parties, classes, and activities specially designed to bring residents together. Sharing fun activities like movie night, bunko, wine tastings, craft workshops, children’s events, holiday parties, and more help millennial homebuyers get to know each other. Many participants say these activities are one of the best aspects of living in the community.
Millennial Homebuyer FAQs
What do millennials want in a home?
Millennials want a sense of community, plenty of space for themselves and their pets, and a convenient location, among other items.
How many millennials own homes?
About 43% of homebuyers in 2022 were millennials, and the number of individuals aged 23 to 41 who own homes is steadily climbing.
Why are millennials moving to Texas?
Some of the reasons why millennials are moving to Texas include the lack of state income tax, a comparatively lower cost of living, and generally mild weather.
Union Park Amenities for Millennial Homebuyers
If you’re looking for a new home community that has what millennials value most, look no farther than Union Park by Hillwood. With energy-efficient modern home designs, fabulous amenities, a complete network of parks and trails, a dedicated dog park and a fantastic lifestyle program, Union Park has everything a homebuyer wants, regardless of age or generation. Start your homebuying journey online today or drop by our builder’s model homes for a tour. We’d love to see you!