How millennial preferences are shaping the real-estate market?

Date : June 14, 2019

Category : Affordable Luxury Living

Millennials,as a generation have a very different take on homeownership, compared to their previous generations. This is a generation of people who are hands-on with technology since childhood, making them tech-savvy and inclined towards smart devices.

Millennials currently make up the largest share of homebuyers with their growing influence, already driving new trends in the real estate markets across the region. This makes it essential for the occupiers, retailers and developers to gain a thorough understanding of their behavior,requirements and priorities.  

What do the Millennials want in a home?

Whether it’s a townhouse in the urban area or a single-family home in the suburbs, the first-time buyers of today’s generation want a place that’s best suited to their lifestyle. This includes smart, stylish homes that can enable them to connect with their friends and family.  In short, they are more concerned with the functions of the house rather than its size.

Millennials owning a property, varies significantly from state to state and even city to city, depending on several factors. These include:

  • The affordability of real estate
  • The kind of employment opportunities being generated locally
  • The social influences at play
  • Convenience and security
  • Ample parking space
  • Amenities like power backup, housekeeping and sanitation

Based on various surveys conducted by real estate developers, the kind of homes that millennials prefer are as follows:

  • Super-sized luxury homes are out of their wish list. Instead, compact homes with good potential resale value aretheir first choice
  • They want newly built homes to avoid the hassle of renovations
  • They wish for homes with sports and fitness facilities for an active lifestyle
  • They desire for homes having local conveniences and connectivity.
  • They have faith in projects by well-known developers and
  • They focus on value for money

Millennials try to make a home, their own with desirable furniture and renovations. It’s a space for them to come home to after work, providing the peace or enjoyment they were looking for.

Studies show that millennials are not as concerned about the status value of their address as they are about connectivity, convenience and security of the neighborhood. They want an elegant and comfortable home to be able to get to work and come home quickly, enjoying social amenities in the area, they live in.

This proves that the decision of homeownership by younger households have as much to do with affordability as location and lifestyle preferences.


The Conclusion

From the above observations, it is clear that millennials have an inclination towards contemporary amenities combined with the traditional ones, when they go for home buying. The modern amenities being technology oriented and Wi-Fi-enabled homes and the traditional ones being a decent comfortable home, located near to their workplace, capable of providing them a safe space.

Millennial factor thus, seems to beinducing a major revolution in the residential real estate space.

Keeping in mind the millennial preferences, The Center Court offers homes that are luxurious but at the same time are affordable, convenient and equipped with desirable amenities to fulfill all the factors that millennials look for, when buying a home.

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