While older generations liked the look of crown molding and other details, millennials are not interested in these design elements
Chicago, IL (PRWEB) February 15, 2015
With more millennials expected to head into the housing market this year, they might have a wish list of features that set them apart from previous generations of house hunters. Here are features that The Federal Savings Bank has noted as being desired by millennials:
- Separate laundry room. According to the National Association of Home Builders on January 26th, the No. 1 feature millennials demand is a separate laundry room. These first-time buyers said they would pass on houses that did not have this room.
- Several storage areas. Another must-have is plenty of storage, including a walk-in pantry and garage storage. This could give millennials more room to hold and organize their belongings after spending time renting in apartments or living with their parents.
- Energy-efficient technology and equipment. A separate report back in October 2014 by the National Association of Realtors found millennials are also demanding technology that is sustainable or energy-efficient. These include LED lighting as well as heating and cooling systems that save energy.
- Simple and open spaces. While older generations liked the look of crown molding and other details, millennials are not interested in these design elements, according to NAR. Instead, they prefer open spaces in houses to spread out.
Millennials likely to buy smaller houses
Overall, millennials will look for homes that fit in their budgets, which could mean smaller houses, according to NAHB.
"All these events lead me to believe that more people will come into the market, and as younger, first-time buyers, they will demand smaller, more affordable homes," Rose Quint, assistant vice president of research at NAHB, said in a statement. "Builders will build whatever demand calls out for."
Although millennials will likely seek out less pricier homes, they are less likely to favor houses made with inexpensive materials.
Millennials or other first-time home buyers can contact the Federal Savings Bank, a veteran owned bank, to learn more about the mortgage application process.