6 Home Features Millennials and Baby Boomers Are Willing to Pay For
It’s hard to predict how much COVID-19 will influence home design and the homebuilding industry for years to come, but in the short-term there is still strong demand for new homes. In fact, the pandemic has accelerated many people’s plans to move, with a potential new housing demand of 2.1 million1 households.
To take advantage of this potential surge of new home buyers, it’s important to recognize which demographics are planning to move. Here are two top home buyer generations expected to move, and which home features each of them are most willing to pay for:
Millennials
Millennials — ranging in age from roughly the mid-20s to 40 — make up the largest share of homebuyers at 38%2, according to the National Association of Realtors 2020 Home Buyers and Sellers Generational Trends Report. While many have chosen to rent in the past, 36%3 of millennials are now ready to take the leap into homeownership, and 39% have their eyes on single-family detached homes. Attached townhomes top the list of millennial home choices at 50%, followed by high-rise condos at 47% and attached duplexes at 40%. No matter what type of home they choose to buy, this is what millennials may be willing to pay for as far as home features:
Sustainability
Approximately 73%4 of millennials are willing to pay more for sustainable home products. They know that investing in energy-efficient home features may help lower costs for heating and cooling down the road, so ENERGY STAR-certified appliances are at the top of their list.
Private, outdoor space
Ideally, millennials would like a yard, but many can’t yet afford houses with large yards. In exchange, 51%5 are willing to pay for a small, private outdoor space, which could mean a balcony, porch or patio.
Low maintenance
Millennial buyers prefer to purchase homes with low-maintenance6 materials. That means floors and countertops that are easy to clean, and dependable appliances. The Whirlpool 24-inch Compact Electric Ceramic Glass Cooktop, for example, doesn’t take up much space and is easy to wipe clean after use.
Baby Boomers
The pandemic has caused many baby boomers to re-think their current living plans, with 35%7 wanting to move out of their current homes sooner than they originally planned. When boomers do move, here’s what features they may be more willing to pay for:
Kitchens fit for a chef
About 36%11 of baby boomers want kitchens that are fully equipped for cooking. Appliances like commercial ranges and combination ovens give homeowners the power to unlock their creative potential in the kitchen, whether they want to stir fry and saute or bake and broil.
More storage
Storage should never be overlooked in the kitchen, with 43%12 of boomers wanting more storage options. Open shelving provides additional space for dishes, while small appliances can give the functionality of a full-sized kitchen, and allow more space for storage.
Germ-resistant materials
COVID-19 has caused homeowners to pay closer attention to wellness in their homes. About 46%8 of baby boomers are very interested in germ-resistant countertops and flooring. Luxury vinyl tile, which offers the look of traditional hardwood, provides an antimicrobial surface. Because of this, it’s expected to replace laminate flooring9. Bleach, disinfectants and other cleaning solutions can be applied to the floors without damaging them. When it comes to countertops, quartz10 is nonporous and naturally resistant to mold, bateria and mildew.
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