Infographic – Millennial Home Buyers Are Changing the Housing Market

Talk about checking off all the boxes. Soundbuilt Homes’ new home communities provide virtually all of the characteristics Millennial home buyers are looking for. recently shared an infographic with the must-haves and would-like-to-haves today’s Millennial home buyers are looking for. When we stacked up the wish list of younger buyers against the type of new homes and new home communities we’re building in King, Pierce and Thurston counties, we couldn’t help but notice that our homes offer Millennial home buyers just about everything research shows they want.

Millennial home buyers represent the largest group of home buyers today, which adds up to massive buying power. 66 percent of all first-time home buyers are Millennials. In 2016, Millennial home buyers associated home ownership with “The American Dream.”

Percentage of consumers who equate home ownership with the American Dream, by agePercentage of consumers who equate home ownership with the American Dream, by age:

18-34 64.3%
35-49 58.4%
50-64 56.9%
65+ 63.9%

Percentage of Millennial home buyers who plan to buy in the next 5 yearsA clear majority of Millennials (66 percent) will become home owners in the next 5 years, and nearly 1 in 10 plan to do so within the next 12 months. Not surprisingly, virtually all – 99 percent of Millennials – search online when they are researching home buying options.

  • 58% found the home they ultimately purchased while searching online on a mobile device
  • 76% drove by a home they found while researching homes online
  • 64% did a walk-through after researching a home online

While this generation is known for its preference for researching, shopping and buying online, 92 percent of Millennials ultimately purchased a home through a realtor. This percentage is actually higher than for home buyers in other generations.  Three quarters of Millennial home buyers want expert help understanding the new home buying process.

Millennial Home Buyers Clear Preference for New Homes

Nearly half of all Millennial home buyers purchase new construction homes – including our new construction homes in Pierce, King and Thurston counties – specifically to avoid the need to make renovations or repairs, especially repairs of plumbing or electricity problems. Compared to about 1/3 of home buyers overall who purchase new construction homes for the same reason. Millennial home buyers say that saving for a down payment is the most difficult part of the home buying process for them.

Millennial Home Buyers are Move-Up Buyers in the Making

Only 11 percent of Millennials plan to stay in the first home they buy. 68 percent view their current home as a stepping stone to the digs they really want. Compared to homebuyers overall who stay in a home for 10 years before selling, Millennials typically stay only 6 years before making a move.

Stepping Stone or Forever Home, Millennial Home Buyers Want These Features Most

  • 46% – Luxury Kitchen
  • 47% – Green Features
  • 75% – New Appliances
  • Dedicated Workspaces
  • Integrated Technology
  • 65% – Close to Work
  • Near (but not in) a City

When you think about Pacific Northwest Millennials you might assume they want to live right in the heart of the city – Seattle, Tacoma, Bellevue or Olympia. However, only 1 in 4 Millennials live in urban areas. Half of all Millennials live in suburban communities and 4 out of 5 live outside of an urban core.

Proximity to urban areas is just one of the reasons our new homes in Pierce, King and Thurston counties are ideal for Millennial buyers:

  • Close and drivable to Seattle, Bellevue, Tacoma and Olympia
  • More affordable without the high urban real estate price tags and property taxes
  • All new appliances
  • All new electric, plumbing and no need for renovations or repairs
  • Many floor plans with dedicated office spaces and flex rooms
  • Pre-wired for today’s technology
  • Adhering to today’s high standards for energy efficiency
  • Beautiful kitchens with ample storage and counter space and the ability to tailor kitchen appliances to your preferences

Infographic - Millennial Home Buyers Are Changing the Housing Market – And We’re Here to Help

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