Millennials are a generation known for exploring unchartered waters. From adjusting the preference of shopping to transforming how money is exchanged, millennials push the envelope for thinking outside the box. When it comes to real estate, this trend is no different. While open floor concepts and technology integration are important to the millennial home buyer, one key takeaway is that millennials can view homeownership as a temporary and financially rewarding purchase.
The increase in millennial home buyers is due to the increase of millennials in the workplace. According to PEW Research Center, there are 71 million millennials in the U.S., representing about one-quarter of the nation’s population. Colorado is tied for second as one of the top states for millennials, according to the U.S. Census Bureau (tied with Texas, following Washington). In addition, Paychex reported that Denver ranked No. 1 in job growth and No. 3 in wage growth. While the economy continues to rise, millennials are garnering much of the employment opportunities.
Due to the increased financial success of millennials, a large portion are already purchasing their second or third homes. The quick ability to sell a first home and move into a second home, means that a large portion of millennials do not view their first purchase as their “forever home”.
If you are planning on selling your home in the near to moderate future, here are a few reminders to make your home more attractive to the vastly growing, millennial buyer:
When purchasing your next home, you may also want to consider these items for resale value and for your own enjoyment (“smart” homes are popular for a reason!).