Millennial home buyers are not looking for a handout from Mom and Dad and are optimistic about buying a house, according to the 2012 Better Homes and Gardens Real Estate homeownership survey
. Better Homes and Gardens Real Estate LLC surveyed Americans, age 18 to 35 years old (millennials), and discovered that the next generation of homeowners is rewriting the rules to homeownership.
First of all, the younger generation has not abandoned the American dream of homeownership. In spite of the recent housing crisis, millennial believe owning a home is a key indicator of success.
The survey results indicate that the next generation of homeowners seek essential, purposeful homes (77%) equipped with technological capabilities – smart homes — as opposed to the luxury homes preferred by their parents.
The survey also demonstrated that 82% of millennial surveyed prefer to handle home improvements on their own instead of turning to their parents for money — a stark contrast to the general misconception that young Americans are coddled or entitled.
- The Fix-It Generation: Millennial are prepared for home maintenance tasks. Nearly one in three (30%) preferred a “fixer-upper” to a house with minimal repairs.
- Maintenance: Nearly half (47%) of survey respondents said they would tackle a home maintenance problem themselves rather than call a professional to do the job. Furthermore, 72% of millennial consider themselves just as handy — if not more so — than their parents.
- Bigger Isn’t Always Better: Unlike their baby boomer parents, 77% of millennial surveyed preferred an “essential” home compared to a grand stereotypical luxury home. This generation wants their living quarters to be unique and less “cookie cutter” (43%). As a result, millennial want each room of their home to serve a purpose fit. For instance, one in five of survey respondents agreed that “home office” is a more appropriate name for their dining room based on what they typically use it for and 43% would like to transform their living room into a home theater.
- Home, Sweet (Smart) Home: When it comes to the next generation of homeowners, more than half (56%) of millennial believe home technology capabilities are more important than “curb appeal.” If a home is not up-to-date with the latest tech capabilities, 64% of Millennial surveyed would simply not consider living there. In addition, 84% of the younger Americans surveyed believe that technology is an absolute essential to have in their homes. The most sought-after tech is an energy efficient washer and dryer (57%), security system (48%) and smart thermostat (44%).
- Their Home, Their Way: Fifty-nine percent of those surveyed would rather have extra space in their kitchen for a television set rather than a second oven. While kitchen renovations are likely to remain a top improvement priority, tech updates are highly desirable, as well. In fact, 41% of those surveyed would be more likely to brag to a friend about a home automation system than a newly renovated kitchen.