Developers are beginning to recognize that Millennials are getting involved in the housing market. These developers are looking to create homes specifically for the new generation. But what do Millennials want?
Experts say that lifestyle is one of the most important aspect to a Millennial when it comes to purchasing homes.
According to Mansion Global, “These 19- to 35-year-olds are all about their lifestyle, experts say, which is part of why these amenities appeal to them. Many work from home, get around by bike, and put a big emphasis on experiences over possessions.”
Millennials are slowly moving out of the so-called “top-tier” cities such as Manhattan and San Francisco to “second-tier” cities. According to Forbes, these second-tier cities where Millennials are flocking are San Antonia, TX, Riverside-San Bernardino, CA, Orlando, FL, and Miami, FL.
In many cases, big cities do not offer Millennials what they are looking for within their neighborhood such as decently-priced homes, reliable public transportation, and a sense of community.
“They live very communally, they share a lot—both online and in person—and they’re very social,” said Dan McInerney, the vice president of Taconic Investment Partners, a Manhattan-based company that owns, operates, and develops commercial and residential real estate. “Creating a sense of community is very important to them.”
When many Millennials are looking for housing, they don’t just want a home. They are looking for a new experience.
“The millennial group is experience-driven,” said McInerney. “They like to seek out adventure and gain additional knowledge, and if they can do something in the building that they would otherwise have had to travel all over the city to find, it’s much more convenient.”
Essentially, Millennials are looking for unique experiences, community, and entertainment.
“Most millennials are in search of more than their dream house; they want to be part of a vibrant community where local businesses, great food, entertainment venues and public transportation are just outside their door,” according to Inman.