Millennials, the generation aged between 18 and 32 years, may be the superheroes that could save the housing market. But like a superhero, the millennials need a place to charge their powers as well.
Therefore, MarketWatch put together a list of things a typical millennial would be attracted to.
Amenities
Sourcing its list from Redfin's earlier study, the feature notes that since the millennials now prefer to rent that to buy; they like to have everything nearby. Be it coffee shops, bars, restaurants, schools and hospitals.
Also, the generation is more likely to put up near their workplace and where commute is easily available.
Good Schools
Millennials are pretty ambitious for their children and like any other parent, they also want to send their children to better schools. In fact, a recent study found that the median price of a home in regions that had better ranked schools was $474,900 and they sold about 30 percent higher than their asking price when compared to their lesser-ranked counterparts.
Technology
Millennials are a bunch of tech savvy people and therefore, want their home to have modern amenities like a reasonably fast WiFi, good mobile phone coverage and remote-controlled functions like using an iPad to turn the heat on and off.
Smaller Spaces
The demand for bigger spaces is waning as the sizes of families are shrinking. Millennials and baby boomers, both want smaller places these days because they are easier to maintain, to re-do and un-do and are also more energy efficient.
More recently, another report showed what a typical Millennial neighborhood would look like. Below are some obvious indicators:
- Too many organic food chains
- Too many dogs and Frisbees in the park
- Too many techies
- Too many cuisines in your neighborhood and more
Though there has been a widely reported gap between Millennials and baby boomers about their attitudes towards property, some specialists say the current generation, like the others, also wants to own homes but is pressurized into renting because of graduating into a weak economy and burdened with student debt, reports Businessweek.
But experts think things will only go upwards for the Millennials who could help improve the overall housing market.
"When the job market recovers and their income recovers, they are going make their mark on this housing market," Christopher Herbert, research director at the Harvard Joint Center for Housing Studies, wrote in a research paper.
