Millennials – those born between 1980 and 2000 – are beginning to shape the way homes are designed and constructed, according to panelists who spoke at a press conference during the 2016 National Association of Home Builders (NAHB) International Builders’ Show in Las Vegas. The experts said that while all generations shared some common home preferences, such as the desire for energy efficiency, millennials have some specific items on their wish list.
Although millennials have not dived into homeownership as rapidly as expected – a 2015 survey by the Urban Land Institute® revealed that 50 % of millennials are renting housing and 21 % live at home with parents – this age group still makes up the largest group of recent homebuyers. Among all generations, the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study found that the majority of recent buyers (32 %) belonged to the millennial generation – and this number is expected to rise sharply as more young adults begin to form their own households.
For this group of young buyers, having their own space is a top priority: 68 % expressed a preference for a single-family, detached home. In addition, here are other popular features that real estate experts say the millennial generation is consistently drawn to.
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