In general, people are building smaller, smarter homes. In fact, the national average square footage per home has dropped substantially in recent years. Thanks to an economic downturn, much of the population has come to appreciate smaller homes. Well, except for millennials! Buyers in their 20s and 30s are still drawn to larger homes.
Millennials are often associated with recycling programs, pushing for use of sustainable materials, and smart cars. This generally is thought of as being eco-focused. Well, they many strive to reduce their carbon footprint in other areas of life, but when it comes to housing, they still want more. Of course, these extra-large homes are often filled with energy-efficient appliances and environmentally-friendly cleaning products.
A poll was taken including more than 2,000 residents in several major cities. It was found that over 60 percent of all millennials surveyed had their eye on a larger home. Only just over 13 percent said they would like a smaller home. This is pretty surprising for this generation.
Since so many baby boomers and gen Xers are downsizing, millennials are getting great deals on larger homes. To them, they are making a smart investment. Not to mention, after spending years in college dorms and rentals with several roommates, they want more space.
In a time when everyone is concerned with what cellphone you carry or “who” you are wearing, millennials often feel the need to have a home that will impress. Gen Xers have long been known for trying to keep up with the Joneses, but millennials are not satisfied with keeping up. They are competitive, and they want the best.
Although millennials want larger homes, they are not generally trying to go overboard. Plus, many decide to downsize after they have a little taste of the upkeep. Millennials tend to live busy lifestyles, so spending an entire day cleaning loses its appeal rather quickly.
Millennials associate downsizing with retirement. Considering many baby boomers are downsizing significantly, millennials feel there will be plenty of time to do that later. Right now, they are focused on making sure they have plenty of space to start a family.
When it comes to housing there has been a significant shift in the culture. Years ago, older adults typically owned the largest homes in the city, while college graduates and new families resided in apartments and small rentals. This has all changed today. Baby boomers are moving to smaller, more affordable options and the youngest generation is focusing on the maximum square footage they can fit in their budget.