Millennials, born between 1981 and 1996, have come of age in a world dramatically different from that of the past. The generational shift has brought about changes in preferences and priorities when it comes to purchasing homes. Let’s see how their preference and priorities are reshaping the real estate market.
While location has always been a crucial factor in real estate, millennials are placing a unique emphasis on it. Unlike previous generations, who often prioritized suburban living, millennials are gravitating toward urban centers and walkable neighborhoods. They value proximity to work, and amenities like restaurants, cafes and parks. City living is a priority.
They mainly prefer city living because technology is a big part of their lives. This is a tech-gen, they expect spaces to be equipped with tech amenities. They want to walk into spaces and find high-speed internet connectivity. A hair salon, a restaurant, a library, an event, literally every space.
This demand for tech-savvy homes is pushing developers and sellers to invest in upgrades that appeal to this generation.
They are also about smaller and functional spaces. Don’t stress millennials please. They are eschewing large extravagant homes in favour of modesty-sized properties that are easier to maintain, they also prefer multifunctional spaces and homes that offer flexible living.
As millennials continue to enter the housing market, their influence will be a driving force in shaping the future of real estate. To flexible living!!!