12 Jul 2024
What do Millennials and Gen Z look for in a new home?
Also known as Generation Y, Millennials currently make up the largest age-range population in the UK, with Generation Z following just behind.
Despite the cost of housing, there is still a high demand for affordable homes for first time buyers for both generations. Following the COVID-19 pandemic, younger homebuyers are looking for some security.
What do Millennials want from a new home?
Those born to between 1981 and 1996 are considered Millennials. The older of this age bracket will be in their early forties and likely to have young families, while the youngest are mid-twenties looking to buy their first home and settle down. This age bracket usually looks for:
- Ability to customise - a place that they can make their own
- Space - a larger home with open floor plans to grow their family, or for more storage
- Positive community - somewhere the feel happy to settle down
- Low-maintenance home
- Walking distance to public amenities such as coffee shops and schools
What does Gen Z want from a new home?
Those born between 1997 and 2012 are considered Gen Zs and will be in their early to mid-twenties. Due to the high use of technology, and on-demand information, Gen Z will typically be looking for:
- Location, location, location - homes that are close to work and leisure facilities
- Function - affordable and minimalistic with low risks
- Persuasion - being one of the most risk-averse generations, they may need to be persuaded to feel confident with homes they are considering
- Diversity - isn't looking for a typical "picket-fence" house
Both generations would like as much information about a property as possible to reassure them, with access to a lot of this information being online. Interestingly, according to Architectural Digest, 39% of Millennials say they'd feel comfortable buying a home they'd only ever viewed online.
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