We all know that millennials, now the most populous generation in the US, are changing the game on every level. Those born between 1981 and 1996 now outnumber their parents’ generation, the baby boomers. They are rewriting all the rules and straying from the patterns set down by their parents. These habits are true even in real estate.
In Twin Cities real estate and all over the US, millennial homebuyers have different needs than baby boomers had when they were in their 20s and 30s. They don't want to settle in the suburbs, and they want different types of houses than their parents did.
But millennials also have less money on average than their parents did. So they are conscious of making every purchase count. From splurging on that spiced chai latte to deciding whether to backpack in Thailand, millennials have learned to prioritize their needs in a struggling economy. Of course, the most significant purchase of your life is usually buying your home. So it needs to be just right and cater to what is essential in the millennial experience.
Whether you're a millennial looking for your perfect urban home or a baby boomer trying to downsize, count on Roost Real Estate for all your real estate needs. Roost is made up of a unified team of Minneapolis’ most exceptional real estate experts. You’re guaranteed the best experience possible in Twin Cities real estate.
What Types of Houses Do Millennial Homebuyers Want?
The demands of millennials are transforming the real estate game in the US and particularly in the Twin Cities. There are three significant components for homebuyers in this generation
Location is Key
If baby boomers are selling it, chances are millennials don't want to buy it. In this case, they are not interested in the big suburban homes that drew the baby boomers in the 1970s, 80s, and 90s.
If you want to make a millennial cringe, just say the word “suburbia.” It conjures the vision of cookie-cutter neighborhoods where every house looks exactly the same, with no style or personality. Instead, millennials are flocking to urban locations and straying from once-popular suburbs.
For the real estate market, this means that there is a surplus of suburban homes that are struggling to sell. Meanwhile, smaller and more manageable urban homes are flying off the shelves. In fact, US millennials are the first generation to be more happy in urban areas than in rural areas.
This generation insists on being in the middle of the action. They will sacrifice excessive space to be walking distance to the hot yoga studios, popular bars, and their office buildings.
Another thing millennials are over? Being stuck in traffic with long commutes. By purchasing real estate in the city, this generation has prioritized speedy transits to and from work so that they can spend their time how they want.
Ideally, millennials will have the option to bike, scooter, walk, or roller skate all over town without ever having to pump gas. They are more health-conscious and more concerned about environmental issues like global warming and fossil fuel dependence than any previous generation.
Helping the environment, staying fit, and saving money on the many expenses of car ownership are all part of their world. This lifestyle is a no brainer for the average 20 to 30-year-old. It also frees up families to have just one car or maybe none at all.
Luckily, Minneapolis boasts the second-highest number of bike commuters in the nation. So biking is not only possible but encouraged by events like 30 Days of Biking. Biking trails like the Grand Rounds Scenic Byway, Medicine Lake Regional Trail, and the uber convenient Midtown Greenway complete the biking culture of the Twin Cities.
The largest generation is also shifting in the types of houses it prefers. They tend to opt for smaller, more modern homes with casual living spaces and open floor plans. They are not interested in the overly formal homes of their parents’ generation. They see those structures as having unnecessary rooms and details.
When you look at how millennials like to spend the majority of their time, this transformation in taste makes a lot of sense. They prefer to be outside of their house, exploring the city just beyond their front doors.
Unlike their parents, they would rather meet their friends at the new top-rated brewery than entertain at a dinner party. So formal dining rooms with lavish place settings are no longer necessary. And because millennials are waiting longer to have children and are having fewer children on average, extra bedrooms are not always necessary either.
In addition to a simple layout, millennials want minimal maintenance. Fixer-uppers are increasingly unpopular in this demographic. Give them the backyards that are already fenced-in for their fur babies. Make sure the appliances are modern and won't need repairs or replacement any time soon. They will gladly trade in elaborate, gigantic spaces for a home that is fully functional, practical, and easy to call home.
Let Roost Do the Work for You
As your local Twin Cities condo experts, the Roost team is perfect for millennial homebuyers. We know the cities inside and out. If you're a millennial looking for your first home, let our friendly realtors guide the way in showing you all the Twin Cities has to offer. The perfect home is out there, and we can make sure you find it.
At Roost, we can help you find just what you want. Whether you are looking in a particular neighborhood, need to find something close to your job, or have no idea what you want, we have you covered. You can trust each member of our team to guide you through the whole process. We will be your real estate buddies every step of the way.
Contact us today and let the world-class realtors at Roost help you live the dream.