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Panel: Millennials have unique homebuying preferences

Posted on Tuesday, January 27, 2015 at 8:05:48 AM

Will a millennial homebuyer want the same type of home as a baby boomer? According to a panel at the International Builders' Show, the answer is no.

Instead, millennials want smaller homes, laundry rooms and updated home technology, reported the National Association of Home Builders. Couple these preferences with the rising number of Gen Y buyers, and home design trends are likely to follow suit.

NAHB vice president Rose Quint explained that lower residential financing down payments and better jobs have helped more millennial first-timers enter the market.

"All these events lead me to believe that more people will come into the market, and as younger, first-time buyers, they will demand smaller, more affordable homes," she explained in a statement. "Builders will build whatever demand calls out for."

One reason for the recent lack of millennial buyers was the economy. According to a study completed by Elite Daily, Gen Y was hit particularly hard by the recession, and that, along with student loans and other debt, prevented homeownership. 

However, the economy is moving in the right direction, and that could help millennials find the financial footing to start buying homes once more.