Millennials wield enormous buying power and spend about $600 billion each year. Numbering about 80 million strong, this segment of the population -- which was born around 1981 and 1999 -- also comprise the largest group of homebuyers. In fact, if you aren't appealing to millennials, then you're missing out on 34 percent of the homebuying market.
Single-family homes with open floor plans
Millennials are often purchasing a home because they want both more space and privacy. A single-family home that boasts an open floor plan gives this generation the space they desire to host friends and family without having to worry about neighbors being right on the other side of the wall.
Pet-centric homes
Pets continue to be an important part of millennial life -- so much so that they influence their home buying decisions. A 2017 survey noted that 33 percent of millennials who had recently become homeowner had their pets' happiness and wellbeing in mind when doing so. Marriage was an influencer for only one-quarter of purchasers and children were the motivating factor for 19 percent.
A home close to a doggy park or one that has a fenced-in yard will both appeal to pet owners. Doggy doors, a doggy wash station and a pet feeding area are also smart integrations that can make a home feel more welcoming for furry friends.
Smart homes
The digital generation is used to having smartphones, smart cars and smartwatches so they naturally want smart houses -- and they are willing to pay extra for it. According to Techzone360, 86 percent of millennials will spend more on a home that has smart technology features.
Having remote access to their home so a millennial can unlock the door for a visiting friend or check on their pup via a camera feed provides them with convenience and peace of mind. Smart locks not only make it easier to get inside the house with an armful of groceries but also put an end to the nagging worry that someone forgot to lock the door. A smart thermostat allows millennials to both save money and conserve energy by making it easy to adjust the temperature of its interior.
Energy efficiency is important
Not only is saving energy important when it comes to saving money but for millennials, it provides them with a concrete way of protecting the environment. Because millennials place such a high importance on environmental concerns, it should come as no surprise that 78 percent will change their shopping habits and lifestyle to protect it.
In addition to the smart technology noted above -- which can coincidentally help millennials protect the environment -- features like smart lighting, energy efficient appliances and solar panels can reduce their ecological footprint.
While many of the amenities highlighted above will appeal to homebuyers in general, millennials will find themselves drawn more to homes with them when it comes time to make an offer.
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