What is the millennial trend when it comes to buying a home?

Millennials are those born between 1980 and 2000; the “Millennial generation. Pune has a growing population of Millennials, earning thick pay-packets and owning huge purchasing power. They have changed the face of the real estate & mortgage sector, given the large salaries they draw. These Millennials eye premium and luxury flats for sale in Pune and around.

Let us explore the millennial trends, homebuying attitudes, behaviors, and characteristics when they’re buying a home.

Millennial Trends for Homebuying

Millennials form the largest segment of first-time homebuyers

With more young people deciding to buy homes instead of renting, the real estate market has witnessed a major increase in first-time homebuyers in recent years. The demand has increased, which is great for the industry.

Marrying late and having children later

Millennials are in no hurry to get married and start a family. They are focusing on establishing their careers and readying their finances first. The average age of marriage has risen steadily over the last two decades. They factor in the need to save and pay off debt before they can start a family.

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Buying in the suburbs, not the city/ Need for more open spaces

Millennial homebuyers are opting to live in the suburbs. This may have more to do with affordability than preference. With both rents and price tags skyrocketing in most urban areas over the last decade millennial homebuyers are opting to buy in the suburbs instead of cities or rural areas.

Another reason is their desire for more space. Millennial home buying trends show that they search for properties that offer more space. This is why they find suburban areas so appealing. Living outside a city provides more privacy and security, along with a quietness that is appealing after living in the bustle of an urban area. The openness of a suburban home appeals to this younger generation. So does energy efficiency, with a desire for many to opt for solar panels and other green items for their residence.

Lifestyle space is important to this age group. They want an outdoor space for relaxing and socializing with friends and neighbors.

Bigger Homes

Millennials want bigger homes with more square footage, newer homes, and upgraded amenities like open floorplans and remodeled kitchens and bathrooms. Those who can afford, buy these, the rest settle for smaller homes making concessions like buying a home with two bedrooms instead of three, buying an older fixer, etc. just to get in the market.

Eco-friendly homes

Millennials are concerned with environmental conservation, and that includes the desire to go Green when they’re buying a home. Most millennial homebuyers consider environmentally-friendly features like solar panels, tankless water heaters, and energy-efficient appliances a top priority.

Tech-friendly is a must

A millennial home must be technology friendly. This is a generation very adept at using sophisticated tech in all aspects of their lives and that includes hi-tech amenities in the home. A millennial looking to buy property in Pune would want a ‘smart home’ with security systems, televisions, computers, and heating and cooling systems that are “smart” and can be operated remotely by phones and tablets.

Open Floor Plans

They prefer open floor plans in homes to accommodate changing work environments. Homes with these types of open floor plans appeal to millennials because they can move through their rooms more fluidly, especially for entertaining. They don’t want to feel closed off from the rest of the house.

Besides, many are opting to telecommute and need a home office. Factoring in a dedicated workspace to their home layout is an advantage for those looking to combine their work and home life.

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Other Millennial home buying trends

They’re looking to live closer to their jobs to avoid long commutes. Millennials are influenced by the convenience of their job when picking a neighborhood. They’re also eager to live in communities with walking or jogging paths, plenty of bars, restaurants, shopping, and solid school districts. Millennials generally purchase their first property as a “stepping stone” to their dream home, and they sell their house and move every five-six years. They crave things that are quick, efficient, and long-lasting.

Millennial trends when buying a home have significantly impacted the market. The real estate market will slowly evolve to these changing preferences.