What Millennials Really Want in a West Chester or Liberty Township Home
Date: October 10, 2018
These days, West Chester and Liberty Township real estate is all about catering to millennials.
To be sure, Millennials aren’t just the focus of real estate experts. Millennials—those born between approximately 1980 and 2000—have fascinated businesses, economists, and researchers across the board. From their attitudes towards work, social issues, and technology, there’s no question millennials have been influential in society.
But this is particularly true when it comes to the economy and housing market. Millennials hold significant buying power—numbering about 80 million and spending an impressive $600 billion each year. At 34%, millennial homebuyers also make up the largest group of buyers.
So what do millennials buying West Chester and Liberty Township homes for sale really want?
Heading out to the suburbs
The suburbs are more appealing to millennial homebuyers than urban dwellings, with up to 66% of millennials surveyed showing a preference for the suburbs vs. around 16% who prefer big city living.
The ideal neighborhood for millennials is a mixture of both the suburbs and the city. Rather than settling down in bedroom communities, they prefer areas that have walking access to shopping and entertainment, good public school districts, and well-kept parks, jogging trails, and green space.
That’s great news for the West Chester and Liberty Township real estate markets. As locals know, these communities offer the best of both worlds – calm, quaint neighborhoods but within close proximity to amenities like Liberty Center, which offers robust options for shopping, dining and other activities.
Single family homes are in demand
Another reason millennials prefer the suburbs to city life is that they don’t want to share walls—75% of millennials state wanting to live in a single-family home to a condo or apartment.
This is a generation that values relationships and connections with people they care about, so millennials also want enough room to host friends and family. Larger, single-family homes with outdoor space for entertaining are important to this age group. The average ideal home size is just under 2500 square feet, and 78% desire an open-floor concept that brings people in the home together.
Again, we see why the West Chester and Liberty Township area is so appealing for millennial homebuyers. Most of the homes here are single-family properties and relatively affordable, at that (at least compared to other metro areas!).
Making room for Fido
For a growing number of millennials, the decision to purchase a home is influenced by their desire to give their four-legged friends a better life. In fact, one survey found 33% of recent millennial homebuyers’ decision to purchase a home was influenced by their pets. This decision even outranked motivators like marriage and having children; 25% said marriage was the reason they wanted to buy a home, while 19% cited their children as the motivating factor.
Not only do millennials want to avoid the breed restrictions and fees that go along with owning a dog, but they also want a yard with space for their pets to run and play.
Going for lasting value
While many millennials are first-time homebuyers, that doesn't necessarily mean they're getting starter homes. In fact, 30% of millennials bought West Chester and Liberty Township homes for sale in the $300,000 price range this past year, opting for bigger homes. Renting longer and delaying home buying—due in part to the effects of the Great Recession—many millennials enter the home buying market ready to buy a bigger home that will meet their immediate and future needs.
Smart home technology
It’s no surprise that the generation that grew up with tablets, laptops, and smartphones would want a home that is as technologically savvy as they are. When house hunting, a West Chester or Liberty Township, OH house for sale with smart home features tops the list of millennial wish lists. One of the main things they want is integrated home technology; 86% are even willing to spend more money for smart home technology.
Ultimately, for millennials, a home that integrates with technology and provides convenience, security, and the ability to enjoy their families and neighborhoods will be a winner.
Are you a Millennial looking for West Chester and Liberty Township homes for sale? If so, give us a call! We’d be happy to discuss your specific needs and work with you to find a property that you’ll love for the years to come.