Millennials tend to have higher expectations than older homeowners did about their ideal starter home, according to a new survey by Clovered, a home insurance resource. Millennials tend to want larger homes with modern designs.
More millennials are entering the housing market for the first time. Clovered recently surveyed more than 1,000 consumers about their first home to learn which features and amenities mattered to them the most.
The top factors first-time buyers tended to place the most weight on when considering where to buy their starter home include:
- Affordability of the area
- Low crime rates
- Proximity to workplace
- Climate
- Geography of the area
- Friendly neighbors
- Proximity to a variety of stores/shopping options
- Move-in ready
- Proximity to friends and family
- Tax rates
“It’s hard to deny the emotional aspect of buying a home,” Clovered researchers note in the study. “When you’re touring potential listings and trying to decide where you want to raise your family or put down roots, you’re fantasizing about what life in that home could be like. Instead of thinking about where the house is located or how much you’ll have to pay in property taxes, it’s the tangible features of a home that really help sell it for most people.”
The most important home features first-time buyers surveyed said they were looking for:
- Central air conditioning: 62.7%
- Private backyard: 61.9%
- Storage: 53.5%
- Plenty of natural light: 50.4%
- A separate laundry room: 40.3%
- Hardwood floors: 39.5%
- Walk-in closet in master bedroom: 34.8%
- Open floor plan: 32.7%
- Quality kitchen cabinets: 29.2%
- Backyard deck: 26.4%
Source: “Starter Home Sentiment: Exploring How People Envision 1st Home,” Clovered (November 2019)
