8 Trends In Homebuying: What Millennial and Gen Z Buyers Want
As Millennials and Gen Z step into the realm of homeownership, their unique perspectives are reshaping the trends in homebuying.
Economic factors have significantly influenced our challenges and aspirations with being first-time home owners.
Let’s explore the key aspects that influence what millennial and Gen Z first-time buyers truly want in their dream homes.
1. Open-plan fluid spaces
Urban Millennials and Gen Z are looking for homes with specific features that cater to their lifestyles.
We value open-plan, fluid spaces that promote connectivity and interaction.
Open floor plans provide a sense of airiness and allow for multifunctional use of spaces.
Millennial and Gen Z buyers want homes that can evolve with their changing needs, accommodating remote work setups, home gyms, and creative spaces that reflect their individuality.
We also appreciate big windows (ideally floor-to-ceiling) and high ceilings.
We like loft-type warehouse spaces with highly curated second-hand pieces of furniture.
2. Ability to rent all or part of their home for extra income
A Zillow survey shows most Millennial (55%) and Gen Z (51%) buyers find it very or extremely important to have the opportunity to rent out part of their home for extra income while living in it.
3. A separate space/home office for work
With remote and hybrid work on the rise, Millennials and Gen Z prefer to have a separet area or a room solely dedicated for working.
For those who work remotely full-time and can’t utilize a coworking space, a dedicated home office is a must.
A home office doesn’t need to be extravagant, but being able to shut the door on a workspace when the day is done is a must for a generation that strives to accomplish a proper work-life balance.
4. Minimalism and highly curated aesthetic
There is a noticeable inclination towards minimalism and personalisation.
Minimalism is actually about functionality, ease of access to everyday things, and convenience.
Minimalism is not about having no things, it’s about having as many things as you need to live life comfortably, but not more than you need. So make sure your home is designed in a way that makes sense for the way you live.
Minimal, uncluttered design is probably the most popular Millennial design trend.
Millennials are drawn to simple, clean lines and a minimal aesthetic.
At the same time, these buyers seek opportunities for personalisation, wanting to imprint their own style on their living spaces.
5. Sustainable and eco-friendly appliances
Millennials are the most environmentally conscious generation. When it comes to home design, they are looking for sustainable materials and energy-efficient appliances.
Millennials and Gen Z are known for their tech-savvy nature, and this extends to their homebuying journey.
As a generation comfortable with technology, Millennials are keen on homes that support their tech-savvy lifestyles.
Features like high-speed internet and smart home technology are essential for comfortable, secure, and cost-effective living.
Energy-efficient appliances, smart home systems that optimize energy consumption, and sustainable building materials are gaining popularity. Many are even seeking homes with renewable energy sources such as solar panels to align with their commitment to a greener lifestyle.
6. Outdoor space is important
Another side effect of the pandemic is a desire for functional, comfortable outdoor space.
A balcony, patio, terrace or rooftop deck is a huge draw for a generation that views these spaces as a place to relax, entertain and maintain a small garden.
7. Social spaces and community
While urban living has its allure, the younger generations are redefining the meaning of an ideal location.
Proximity to essential services, public transportation, and vibrant community spaces is crucial.
Walkability, access to green spaces, and a sense of community are priorities.
Shared amenities within residential communities such as co-working spaces, fitness centers, and communal gardens are highly appealing.
The concept of “experiential living” has gained traction, where the overall lifestyle offered by a neighborhood or community is as important as the features of an individual home.
8. Financial pragmatism to mortgages
Despite their aspirations for dream homes, financial pragmatism is a hallmark of Millennial and Gen Z homebuying.
These buyers are keen on understanding the entire homebuying process, seeking transparent and simplified financial transactions.
The preference for digital mortgage processes that offer convenience, speed, and accessibility aligns with their tech-centric mindset.