Half of Millennials Want a Home That’s Social-Media Ready
NEW YORK – Millennial homebuyers are more active on social media, and since they share more of their lives on social media, they’re also less likely than older generations to close on a house that’s not social-media ready after closing.
A Meredith Corporation study also found millennials more stressed out by the home-buying process, and planning to entertain more at home than other generations, according to the 2019 Better Homes & Gardens New Home Buyers report.
The study found that:
- 65% of millennial homebuyers see purchasing a home as a good investment, versus 56% of both GenX and Boomer buyers.
- 31% of millennials view home purchases as a sign of success compared to 22% of GenXers and 12% of Boomers.
- Millennial buyers desire homes in major suburbs, in neighborhoods with good schools and quick commuting options and in proximity to stores like Trader Joe’s, and with room for pets.
- 77% of recent millennial homebuyers own at least one pet they hope to accommodate, though pet ownership spans the generations, including 77% of GenXers and 68% boomers.
“For the modern millennial homebuyer, it’s about finding a place she can be proud of – and one that’s a welcoming setting for friends and family to gather,” says Stephen Orr, editor-in-chief of Better Homes & Gardens. “She wants a place to entertain, to raise a family and that’s pet-friendly. For her, a home represents an investment, of course, but also an important new canvas for self-expression.”
The study found that millennial homebuyers want their homes to be entertainment and social-media ready:
- One in three recent millennial homebuyers say they need their home to be “attractive enough for social media.”
- Almost half of millennial buyers have posted or plan to post photos of their homes on social media, versus 36% of GenX and 20% of Boomer buyers.
- Millennials use social media to inform decisions during the home-buying process more than other generations: 21% report using Pinterest to gather information about purchasing a home, versus 14% of GenXers and 6% of Boomers.
- 47% of millennials also use social media to decide what changes to make to their home, more than other generations compared – 35% of GenX and 16% of Boomers.
- 89% of millennial buyers plan to entertain or host holiday gatherings in their new homes.
Desired features: In terms of dream home features, millennial, GenX, and boomer buyers all ranked a state-of-the-art kitchen as most desirable, followed by an outdoor pool. There were differences among generations in their third choices. Millennials favored his-and-her bathrooms in the master bedroom as their third most desirable feature, while GenXers preferred a movie theater/media room, and boomers wanted a three-car garage.
Managing stress: When it comes to their mindset, many millennials and GenXers are concerned with managing their anxiety level during the home-buying process, with 40% of millennials and 38% of GenXers reporting this issue versus 28% of boomers. More millennial buyers said they were concerned about knowing how to negotiate the home’s sale price (36%) versus 30% of GenXers and 20% of boomers.
Working with agents: According to the study, 86% of recent homebuyers across demographics worked with a real estate agent, and 97% said they would use an agent for future home purchases.
“Real estate agents bring incredible value to homebuyers in their role as a trusted advisor. And, since many homebuyers … view the purchase process as a stressful one, successful agents are there to ensure it is as smooth as possible by giving clients confidence in their choices and providing support where needed,” says Sherry Chris, president and CEO, Better Homes & Gardens Real Estate. “It’s also worth noting that home buyers often approach the purchase process having gleaned a lot of knowledge and insights from social media and home design and décor programming, so it’s up to the agent to manage expectations of what’s realistic while also working to deliver the home of their dreams.”
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