This just in: Millennials finally seem to have traded splurging on advocado toast for buying homes. And as a result, they’ve become a major part of the real estate landscape these days.

According to the American Community and American Housing surveys, there are 66 million millennials in the US, and they now represent 37 percent of the total national homebuying market.

As you’ve probably heard, millennials approach homebuying differently than older generations. But as it turns out, it’s less about a Zillow addiction than it is an unyielding focus on their distinct lifestyles and preferences. And as a result, the real estate world is shifting to accommodate their needs and desires.

Don’t just take our word for it…here are some key millennial homebuying statistics:

• Millennials are the fastest-growing segment of homebuyers, accounting for 37 percent of the overall U.S. housing market.
• Millennials make up an even bigger share of first-time homebuyers. In all, 82 percent of younger millennial buyers (ages 22-30) and 48 percent of older millennial buyers (31-40) purchased their first homes between July 2019 and July 2020.
• First-time buyers represented 31 percent of all purchasers in the National Association of Realtor’s most recent annual survey, though that number has since dropped off
• The National Association of Realtors estimates that 99 percent of millennials use the internet during their homebuying process.

So — what do millennials want in a home? Since many are buying homes later in life than previous generations, most are doing away with the traditional home elements their parents coveted. Trends among millennials include a desire for multifunctional and community spaces, and homes with modern, sustainable elements. Here are the top millennial home trends that have caught our attention:

1. Great Location

If there’s a constant in the ever-changing world of real estate, it’s the importance of location. And since research has shown that millennials want to live close to work and things to do, this is a huge deciding factor for them when choosing a home. You would think that urban areas would accommodate this request more than the suburbs, but this may not always be the case — it depends completely on the buyer and their routine.

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2. Outdoor Spaces

Amidst the ongoing pandemic, the demand for outdoor space has never been greater, and millennials are no exception to that trend. When it comes to prepping your home for the millennial buyer, spend some time focusing on curb appeal. Is there sufficient space for relaxing or an outdoor gathering? It doesn’t have to be the large backyard with a white picket fence, but make sure it’s a space that prospective home buyers could enjoy hosting their friends (or curling up with a good book).

3. Big Kitchen

The kitchen is the heart of any home, and millennials list large kitchens as one of their top priorities when buying today. And while the Gen X and baby-boomer generations leaned toward formal dining rooms, millennials prefer open floor plans where the kitchen, dining, and living areas are all connected.

4. Modern Amenities

While space isn’t as big of a concern for most millennials, they aren’t willing to compromise on modern, high-functioning amenities. This includes items like dishwashers, washers and dryers, and space to exercise. If you’re selling a condo, having access to personal amenities isn’t necessarily a must. In a study by the National Association of Home Builders, more than 80% of millennials want things like laundry rooms, hardwood floors, patios, and garage storage.

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➤ For more resources to help you with the sale of your home check out:

• 5 Luxury Renovation Tips To Boost Your Resale Value
• How to Price Your Home to Sell
• 4 Things to Know About Staging

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5. Low Maintenance Spaces

Millennials crave things that are quick, efficient, and long-lasting. The best way to check all three boxes? When prepping your home for the market, think about renovations that speak to the utility-focused millennial. Consider switching out carpeting – which stains easily and requires regular vacuuming – for hardwood floors. Similarly, synthetic or composite decking might appeal to them over a traditional wooden deck. Often made of recycled materials, this option will need only a periodic clean with soapy water.

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