As you could imagine, 2023 has been a difficult year for the real estate industry due to the recent Covid-19 pandemic, it is beginning to bounce back. Many people are buying homes again and the industry is starting to get back on its feet. This is much needed as the industry saw many fewer sales than normal during the first few months of the pandemic.
While people of all ages buy homes, millennials are quickly becoming the most common and prevalent home buyers. Many are buying their first homes and finally making enough money (in some cases) where they can afford a home.
Because of their large involvement, which is only going to grow in the coming years, we thought it would be a good idea to look at some millennial real estate trends. Read on to see some amazing millennials’ real estate trends in 2023.
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They Often Choose Non-Traditional Options
When buying or renting a home, there are a lot of options. People can choose a large home in the suburbs of Boston, some Dallas Texas lofts, or dozens of other options around the country.
Some of these options are traditional, while others aren’t. While many millennials opt for traditional options, a large number are leaning the other way.
These non-traditional options can include tiny homes, prefabricated housing, RVs, and continuing to rent homes instead of buying them. Also, while previous and older generations often wanted larger homes, many millennials would gladly sacrifice the size of the home for the right neighborhood or nearby things to do.
Large homes often cost a lot as well, which is why many millennials are avoiding them, at least for their first home.
Also, smaller homes are easier to maintain, simpler to clean, and often offer a more cozy living situation. In the past, people would often buy a home, live there for decades, and then move onto somewhere else. In most cases, that isn’t something that a majority of millennials are interested in doing.
They Aren’t Tied to a Certain City or Area
Another millennial real estate trend is that they are often more willing to move than previous generations. In the past, many people would simply stay and live in the town they were born in if they could find gainful employment or afford it.
However, younger generations aren’t afraid to go out and look for what they want, even if it leads to them moving them to another city, province, or state.
Many millennials aren’t afraid to pack up their lives and more across the country. This could be to get a change of scenery, chase a job, or simply move somewhere that matches up with their preferences.
The internet helps them stay in touch with old friends and family, so there is less apprehension about a large move.
While they move everywhere, many are flocking to smaller and more affordable cities or places that are up and coming. With increasing remote work possibilities, we will likely see many millennials continue to move where they want, and not be tied to any particular city.
They Care About the Environment
Some people in all age groups care about the environment and do their part to reduce their carbon footprint. However, it is the younger generations where this way of thinking is the most common. Not only do they want this environmental friendliness to exist in their lifestyle choices, but also where they live.
They want their homes to use less energy, use less water, and generally use renewable resources and energy when possible. Energy-efficient homes and homes with smart features are becoming much more popular. It is often the younger millennials that are driving this change.
As a result, look for more homes with efficient appliances, smart thermostats, virtual assistants, and other similar features in 2023 and beyond.
We hope this article has been able to help you identify some of the largest millennial real estate trends in 2023. Millennials are certainly a large group with a lot of buying power, and being aware of the aforementioned trends can help agents and those selling their homes alike.
Alex is fascinated with “understanding” people. It’s actually what drives everything he does. He believes in a thoughtful exploration of how you shape your thoughts, experience of the world.