The Chattanooga area was recently ranked as one of the best places for millennials to purchase a home.
While millennials (those born 1981-1996) are drawn in part to the area’s lower cost of housing, they also have several distinguishable home feature preferences, a recent analysis from the National Association of Home Builders reports.
The survey asked first-time buyers and existing homeowners across generations to rank features based on how essential they are to a home-purchasing decision.
Purchasing a home is all about “location, location, location.” Nearly a quarter (23%) of millennials want to buy a home in a central city location, compared to only 8% of boomers (those born between 1946 and 1964).
NAHB analysis shows that city living for millennials wasn’t always a top choice. When asked the same question in 2007, only 6% wanted a home in the city.
The desired size of the home differed among age groups, as well. Millennials surveyed had fewer than 2,000 square feet in their current home and said they want more. Seniors (those born in 1945 or earlier) live in much larger homes compared to millennials and said they want fewer than 1,900 square feet in a future home.
Millennial preferences differed somewhat from baby boomers and seniors when asked about home features. Among the top 10 list of most desired features for millennial buyers were a walk-in pantry, exterior lighting, a front porch and table space for eating. Unlike millennials, boomers and seniors did not include these features in their top 10.
While there are many differences among the generations, you might be surprised to learn one area of similar preferences for millennials: environmental attitudes.
A common societal perception is that millennials are more environmentally-conscious relative to their older peers. The assumption might be true in other areas but is not reflected by home buying preferences.
More than a third (33%) of millennial homebuyers say they want an environmentally friendly home but are unwilling to pay more. This is about the same as baby boomers and seniors (39%).
Visit the Home Builders Association of Greater Chattanooga at www.HBAGC.net to learn more about its members’ commitment to building affordable, eco-friendly housing in the Chattanooga area.