Millennials (aka Generation Y) range from 18 to 34 years old and represent the largest generation in the US, according to the Pew Research Center. It’s easy to picture them as student-debt-loaded grads living in their parents’ basement who aren’t ready to buy. Don’t underestimate the power of Millennial home buyers.
The National Association of Realtors’ Field Guide to Millennial Home Buyers attributes 31 percent of the market to this group. They expect this number to go up dramatically. Fortune magazine says their purchasing power is expected to increase from $600 billion to $1.4 trillion in the coming years. So get your house ready for millennial home buyers by playing up the features that attract them:
- Updated kitchens and baths: The motivation for these features isn’t based on a need for all things new but a lack of cash to update what’s old. Counters and appliances are the most sought-after updates. READ MORE