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Credit: ITU/Rowan Farrell[/caption] According to a 2013 study on generational housing trends by the National Association of REALTORS®, millennials are reported to be the second largest demographic of home buyers, with Generation X in first place. This should come as no surprise. As consumers, the millennial generation exceeds previous generations in terms of buying power. Contrary to popular belief, the "Renter Nation" appears to be just a myth, according to Trulia's American Dream survey. About 93% of millennials continue to plan to purchase property in the future. That may be all well and good, but what exactly are millennials looking for in terms of dream home "must haves"? And how does it differ from the tastes of the previous generation? Well, according to an ABC News article shared by RealtorMag, the younger generation look for home improvements that are more functional, rather than aesthetically pleasing. For instance, millennials aren't worried about remodeled their dining room area. Dream homes vary by generation.
Additionally, millennials are less likely to look for a newly built home and would rather go for the fixer-upper
. Buying accessories and cool furniture are the kind of investments millennials would be making towards their new home. To learn more about what other "must-haves" millennials are looking for, check out a snippet of this article below:
Millennials, those born between 1980 and 2000, are the second-biggest segment of home buyers, behind Generation X (those born between 1965 and 1979), according to a 2013 National Association of REALTORS® study about generational housing trends. Real estate professionals told ABC News recently of some “must have” features that tend to be in high demand among young buyers. Some of those “must haves” include: 1. Updated kitchen and bath: “The primary reason young buyers seek updated kitchens and baths is because they have limited budgets,” says Jack Curtis, a real estate professional in Dublin, Ohio. “Most of their savings will go toward the down payment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, and young home owners cannot afford to sink a lot of money into those areas.” 2. Big kitchen with an open floor plan: “The kitchen has become the hangout room along with the family room,” says Lou Cardillo of The Lou Cardillo Team in Yorktwon Heights, N.Y. “An open space that can easily transition from kitchen to TV room is high on the list of the perfect home for young buyers. In essence, the kitchen is the new living room.” Read full article via 5 Must-Haves of Millennial Buyers | Realtor Magazine.