Millennials Consider Tech-Readiness Essential in Choosing a Home

8/2/13

Millennials value up-to-date technology in their homes, according to a Better Homes and Gardens real estate survey. More than eight in 10 (84%) millennials (ages 18-35) say there is some home technology they consider essential, and 64% wouldn’t consider living in a home that wasn’t “tech-friendly” (e.g., not wired for modern appliances or media devices). Their most-desired features are energy-efficient washers and dryers (57%), home security systems (48%), and smart thermostats (44%).

Millennials aren’t afraid of taking on home repairs, however. More than seven in 10 (72%) say they’re at least as handy at home improvement tasks as their parents are, and 47% are more likely to handle home maintenance themselves rather than hiring a professional contractor. Three in 10 (30%) say they’re rather buy a “fixer-upper” than a home that was “move-in ready.” Home improvement tasks millennials are most likely to handle on their own include repainting rooms (69%) and removing wallpaper (60%).

Most millennials (77%) say they prefer an “essential” home rather than a “luxury” home. Among those who prefer basic homes over more luxurious ones, the top reasons are not wishing to waste energy (45%) and wanting a home that is unique rather than a “cookie cutter” (43%).

For many millennials, creating a unique space includes repurposing traditional rooms for their needs. Four in 10 (43%) want to create “home theaters” in their living rooms. Only half actually use their dining rooms for eating; 20% say they use their dining rooms as home offices. Almost six in 10 (59%) would use extra kitchen space for a TV rather than a second oven. Four in 10 (41%) would be more likely to brag about a home automation system than about a newly renovated kitchen.

Among millennials who currently own homes, 44% would most like to have a technology update in their family rooms. More than a quarter (28%) would be interested in having a home alarm system they could control from a smartphone.

More than half of African Americans (59%), 55% of non-Hispanic whites, and 50% of Hispanics (of any age) say their ideal home would be located in a suburban neighborhood, according to a separate Better Homes and Gardens real estate study.

Among Americans who do not currently own homes, more than half of Hispanics (52%) are currently saving for a down payment, compared to 46% of African Americans and 44% of non-Hispanic whites. More than three-quarters of current Hispanic homeowners (78%), 74% of African American homeowners, and 56% of non-Hispanic white homeowners expect their children to buy homes at an earlier age than they themselves did. Hispanics (78%) and African Americans (78%) are more likely than non-Hispanic whites (65%) to consider owning a home to be the most significant status symbol.

Hispanics (63%) and African Americans (59%) are more likely than non-Hispanic whites (43%) to expect to have members of their extended families (such as parents or grandparents) living with them at some point.

When asked which home upgrades or improvements are most appealing, Hispanic homeowners are most interested in walk-in closets (49%), followed by hardwood floors (32%), outdoor living space (31%), and granite countertops (20%).

SOURCE: Better Homes and Gardens Real Estate, Katelyn Castellano, 175 Park Ave., Madison, NJ 07940; 973-407-6849; katelyn.castellano@realogy.com; www.bhgrealestate.com. Price: Contact for information.

© 2013 Business Valuation Resources, LLC (BVR). May not be reproduced without written consent of publisher.

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