Home Trends for Millenials
In a presentation at the International Builders Show in Las Vegas, Jill Waage, Editorial Director for Home Content for Better Homes and Gardens noted that “Millennial’s are swarming into the home marketplace armed with information, ideas and a passionate desire for personalization. Home builders, designers, and remodelers should know that this generation expects you to work with them as collaborators not just contractors.”
Waage notes for example how Millennial’s use a range of media platforms including social media such as Pinterest, and Instagram among others to express their personality, and share ideas on home design and style. “We have seen an explosion on our social media outlets of Millennial’s exchanging everything from swatch styles for wallpaper to outdoor decorating designs. This generation wants homes that reflect their individuality and their sheer size will reshape the home market for decades to come.”
To take a peek into the mind of this generation, Better Homes and Gardens conducted a survey of more than 3,200 prospective home buyers to share their thoughts on home improvement spending, the importance of personalization, and technology in home value.
While this generation differs greatly from previous consumers check out some of the surprising findings.
Millennial’s By The Numbers:
Buying a Home- The Value of Home Ownership
- Millennial generation believes owning a home is part of the American Dream (79%)
- Feel that a home is still a good investment (77%)
- 35% of Millennials said a lack of down payment was the greatest obstacle to making the dream a reality
Building New Vs Fixer Uppers
- The Millennial’s are least likely to expect their next home to be newly built (18%)
- Millennials are most likely to say their next home will be a house they can fix up (23%)
- Among those planning a home improvement project in the next 12 months, nearly 35% highly agree that “now is the right time to spend” on home improvements.
- 45% of Millennial’s said they are in the process of planning or doing a major home improvement or decorating project
- 75% of this group report decorating with furniture and accessories.
- 26% of Millennials said they are building or planning to build a home office, work space or family computing center.
- 35% reported wanting to work on outdoor living or entertaining areas.
- 42% desire adding exterior upgrades like a deck, porch or patio.
- 52% report they will add/replace plantings, shrubs and trees.
- 40% of Millennial respondents want to make their home more energy efficient.
Millennials want a home with personalization and seek out creative ways to improve the look and feel of their home.
- 34% of Millennial’s plan to change the function of a room, such as a nursery, office, craft/hobby space.
Examples of personalization and home individualization include chalkboards, under stair storage, and adding bins and buckets to maximize shelving.
Let us know what you find important in a home in the comments below!