Millennials: The New Generation of Home Owners

millennial homeownership How Millennial homeowners affect the housing market


The impact Millennials are having on housing

A survey of 1,000 homeowners over the age of eighteen from various backgrounds and incomes looked at how the Millennial Generation has changed the market. From home design to project research, Millennials have opinion about every aspect of home buying and most make decisions centered on technology, the Internet, and sense of eco-consciousness.

For example, when it comes to finding a service professional, the Millennial Generation prefer to pull their candidates from Internet sources, such as online directories and Google; whereas their older counterparts choose service based on referrals from friends or family members.

bar How Millennial homeowners affect the housing market
When it comes to communication with their chose professionals, the Millennial Generation prefers to be contacted by text or email, and would rather not be contacted in person. For persons aged forty five and older, the opposite holds true: preference is given to contact made by phone or in person and they are least likely to want to text. The younger homeowners are least satisfied when it comes to working with a contractor.

Homeowners were most dissatisfied with getting estimates and setting appointments with professionals. They also exhibited higher frustration with communication about potential extra costs, project timelines and potential problems. The reason for this frustration is unclear though. However, their older counterparts were by and large very satisfied with their contractors.

Perhaps the best part the Millennial Generation contributes is their desire to request green alternatives. Many homeowners of the Millennial Generation would choose to go green regardless of the cost. 58% of Millennials surveyed stated the “re-use of old materials in [their] home improvement projects is important.” 47% believed that going green made them better people and 41% stated that going green was already and existing part of their lifestyle.

Whether looking for eco-options or trying to find information, one thing is clear: Millennials are utilizing technology to their benefit to get what the want from homeownership while still remaining eco-conscious.

millenial homeowners How Millennial homeowners affect the housing market

By:  The American Genius Entrepreneur’s Beat