Better Homes and Gardens® Real Estate today released
national survey findings of 18 - 35 year-old Americans that reveal the next
generation of homeowners are rewriting the rules to home ownership and
reinterpreting traditional norms to fit their values. Results indicate that the
next generation of homeowners seeks essential, purposeful homes (77%) equipped
with the technological capabilities they have grown accustomed to, as opposed
to stereotypical luxury homes preferred by many in their parents’ generation.
The findings also demonstrate that 82 percent of “Millennials” surveyed embrace
their independence with gusto and prefer to handle home improvements on their
own instead of turning to their parents for money; a stark contrast to the
general misconception that paints young Americans as coddled or entitled.
“It’s critical that real estate professionals understand
what embodies a quintessential home for the Millennial generation, which vastly
differs from the traditional norms of generations before them,” said Sherry
Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “These survey
findings allow our brand to continue to best serve the next generation of
home buyers and find homes that can or do appeal to their lifestyles and unique
spirit. Understanding technologies to communicate with this generation is now
only one piece of the puzzle for agents; ‘smart’ technological capabilities
must now be ingrained into the home itself.”
Key findings from the Better Homes and Gardens Real Estate
survey include:
The Fix - It
Generation:
While home ownership presents new responsibilities and
surprises for first-time homeowners, Millennials are prepared for home
maintenance tasks. Nearly 1 in 3 (30%) Millennials surveyed would actually
prefer a “fixer-upper” to a house with minimal repairs needed. They aren’t
afraid of rolling up their sleeves either. Nearly half (47%) of survey
respondents would be more likely to tackle a home maintenance problem
themselves, rather than calling a professional to handle the job. Furthermore,
72 percent of Millennials consider themselves just as handy, if not more so than
their parents.
Bigger Isn’t Always
Better:
Unlike their Baby Boomer parents, 77 percent of Millennials surveyed
would prefer an “essential” home compared to a grand stereotypical luxury home.This
generation wants their living quarters to be as unique as they are; more
customized and less “cookie cutter” (43%). To that end, Millennials seek for
each room of their home to serve a purpose fit for their lifestyle. For
instance, 1 in 5 of survey respondents agree that “home office” is a more
appropriate name for their dining room based on what they typically use it for,
and 43 percent would like to transform their living room into a home theater.
Home, Sweet (Smart)
Home:
When it comes to the next generation of home owners, more
than half (56%) of Millennials believe home technology capabilities are more
important than “curb appeal.” If a home is not up-to-date with the latest tech
capabilities, 64 percent of Millennials surveyed would simply not consider
living there. In addition, 84 percent of the younger Americans surveyed believe
that technology is an absolute essential to have in their homes. The most sought-after
tech being an energy efficient washer and dryer (57%), security system (48%), and
smart thermostat (44%).
Their Home, Their
Way:
Millennials have a fresh perspective on furnishing a home.
Fifty-nine (59) percent of those surveyed would rather have extra space in
their kitchen for a TV, as opposed to a second oven, and they seek to be
entertained in every room of their home. While kitchen renovations are likely
to remain a top improvement priority, tech updates are highly desirable, as
well. In fact, 41% Millennials would be more likely to brag to a friend about a
home automation system over a newly renovated kitchen.
These findings are an extension of a 2012 Better Homes and
Gardens Real Estate home ownership survey, which revealed that in spite of the
recent housing crisis, Millennials are undeterred from buying a home and
believe owning a home is a key indicator of success.