The National Association of Home Builders recently conducted a study to examine how housing preferences differ across generations. While all generations share certain new home preferences, the report found striking differences among Millennial buyers.
Regardless of age, a majority of home buyers prefer a single-family home, with a laundry room topping the list of desired features. Millennials and Gen X showed a stronger preferences for larger 4 bedroom homes with at least 2,300 square feet. Outdoor spaces are highly desirable to Millennials, who put a patio, front porch and deck among the top features they most want in a new home.
Features most wanted by Millennials:
Laundry room topped the most-wanted feature list for Millennials, Gen X and Seniors. 50% of all buyers consider this essential in a new home.
While 51% of all buyers consider it desirable, Millennials showed a stronger preference for exterior lighting compared to other generations.
Interestingly, 37% of all buyers said they would be willing to buy a home without a living room, although it still rates high for Millennials and Gen X.
Millennials love their outdoor spaces, whether for entertaining or maximizing their home’s living space.
The front porch ranked higher on the most-wanted features list for Millennials than any other generation.
Shower & tub in master bath
While Baby Boomers and Seniors prefer a full bath on the main level, Millennials are opting for both a shower and tub in the master bathroom. Having only a shower stall in the master bath ranked #5 on Millennial’s list of most unwanted features.
Ceiling fans are a feature everyone agrees on. 86% of all buyers rated fans as either essential or desirable in a new home.
Hardwood floors on main floor
A majority of buyers desire hardwood floors on the main level, although they don’t have the same influence on buying decisions with Seniors compared to Millennials and Gen X.
Millenials were the only generation in the study to include a deck in their list of most wanted features.
Energy Star® rated appliances
According to the study, “Energy Star® rated appliances are popular among all groups, but Millennials rank it as 10th most wanted, whereas Gen X’ers, Boomers, and Seniors rank it first or second.” Energy Star® whole-home rating and windows didn’t make the top ten features for Millennials.
What’s #1 on the feature you most want in your next home? Let us know in the comments!