WHAT MILLENNIALS WANT IN HOUSING
It seems as though everywhere you look, millennials are the most discussed age demographic. We talk about how they consume media, how they spend their money, their time, and even how they learn and get educated.
For a lot of millennials, they grew up in that 2000 square foot home, on a pie shaped lot, with the huge yard and triple garage. Some would refer to it as "The American Dream" (better yet, Canadian dream). As we've watched house prices rise over the last number of years, this reality has become a distant memory for those of us who grew up as a child of the 90's.
Now that attainability has changed, what is it millennials want in housing?
They want new, shiny and updated.
Millennials are a visual generation. Pinterest, Instagram, Snapchat. They are ready to sacrifice square footage for a picturesque living room, styled out the wazoo to help communicate their unique personality. Another interesting reason for craving "move-in-ready" is that millennials want to spend their free time traveling, fine-dining, or on their hobbies. Move-in-ready affords them the time to spend on what they love, rather than spending their Saturday morning at the hardware store.
They want financial flexibility.
With the rise of the market, it has obviously increased monthly mortgage payments. Basement rental suites have become "the new normal" when it comes to affordability for first time buyers in the single family market. A basement suite has become a great way for millennials to be able to afford a larger or a more choice property.
They want a place to entertain.
One of the most common thought exercises millennials go through when they view a home they are interested in is imagine themselves hosting their friends. Where will their friends gather? Is it at the island in the kitchen? Is it in the backyard around the BBQ? The want the space to be proud to invite their community to.
They want the gizmo's and gadgets.
We live in the most advanced age of technology in history. It's no wonder millennials want features like smart thermostats, pot lighting, and audio visual components. Now, more than ever, we are seeing the millennial generation plan out their component locations, a/v wiring, etc, at the start of the build process.
This is just a snapshot of trends we are seeing as we build new homes for millennials in Regina, Saskatchewan.
Got more ideas? We'd love to here them in the comments below!
