Millennials now make up a large proportion of home buyers, especially in Seattle with so many people moving here to work in the booming tech industry. Many of these workers are entering their 30s and getting ready to invest in a first home. Compared to previous generations, millennials are moving around more before they settle down, and they want to get settled somewhere before they invest in a home. A lot of millennials were graduating college and getting their first jobs around the time of the recession. Seeing the economy during that time has made people more cautious to ensure they are investing in something of value.
What are some of the big deal breakers that drive away Seattle-area millennials, and what are they looking for?
In general, millennials are environmentally conscious and are interested in recycling as well as reducing their carbon footprint, so they're looking for homes that are environmentally friendly. Energy-efficient appliances are key for millennials, both to keep down the costs of utilities down and because millennials are environmentally conscious.
For a lot of millennials, a home that is centrally located and in a location with a high walk score is a must-have. Most people in this age range want to live close to parks, restaurants, bars, and public transportation lines. Because traffic in this city has gotten so bad, many millennials choose to not drive cars even if they do have them.
Gone are the days of closed-off galley kitchens and formal living rooms that no one ever sits in. Millennials are looking for homes that have open floor plans so that they can entertain a lot of guests. Kitchens are now gathering places, big pantries are a must, and the more "smart home" electronics a home has installed, the better.
Overall, millennials are looking for homes that are easy to maintain. They don't want to spend a lot of time tending to a garden or painting the house. They want something in good condition that will hold up well.
- Space: People want to be able to tailor their home to their specific tastes, and if a space is too small this becomes seemingly impossible.
- Long commute
- Far from public transportation