Millennials will soon take over the housing market, learn the trends that impact your marketing efforts. Here are the top millennial marketing trends.
Are you implementing the right marketing strategies to appeal to your millennial homebuyer? In this article, you’ll learn why it’s so important to include millennials as part of your key demographic. Continue reading to find out the top eleven millennial marketing trends impacting your business.
Top 11 Millennial Marketing Trends:
1. More than half of them are planning to buy a home
According to the National Association of Realtors, millennials are becoming a driving force in the housing market. This makes them one of the most important demographic groups in America. Clever Real Estate recently surveyed 1,000 Americans who said they plan to buy a home next year, 51% of whom were millennials.
2. They consider buying a home a right of passage
Contrary to popular belief, 84% of millennials surveyed believe that homeownership is a core part of the “American Dream,” prioritizing it over marriage and having children. Whether you’re a first-time homebuyer or a long-term buyer, it’s time to look beyond stereotypes and consider what millennials really want.
3. Millennials are environmentally aware
Millennials who are concerned about the environment will be able to save money on their monthly energy bill while helping the environment. Many millennial homebuyers want to go green by buying homes that are more energy-efficient than their current residences.
For instance, millennial buyers who are environmentally conscious prioritize energy-efficient appliances such as solar panels, water heaters and water filtration systems.
Even if the property is a medium-priced home, sellers may be willing to appeal to environmentally conscious millennials by equipping their home with an energy-efficient appliance to justify slightly higher list prices.
4. Almost half of millennials want to live close to job opportunities
Top of the frugal millennial’s wish list is the need for an affordable home. Millennials continue to squeeze into the housing market, their desire for more affordable housing becoming evident. Nearly half said they had moved out of their hometown where they grew up, mainly because of the job opportunities the new city offered.
5. Millennials are interested in spacious, suburb living
This is another reason why suburbs are becoming more attractive to this generation of buyers. While millennials don’t automatically buy more expensive homes with more square footage, they are more interested in properties that make good use of space. The suburbs can offer them more for their money than inner-city homes.
The presence of a large yard makes it more appealing for millennials to decide to start a family, and a sizable yard is important, as is the spaciousness of the home. An example of this desire for more space is the fact that 46% of millennial buyers said they wanted a large, luxury kitchen.
6. Millennials prioritize technology
The fact that millennials are aiming to buy homes with the latest technology on the market means that these buyers have a desire for homes that are equipped with modern features.
With the decreased desire to renovate fixer uppers, it’s clear that millennials aren’t interested in renovating an older home. They would prefer a new home instead.
If you’re thinking about placing your house on the market, it is more important than ever that it is represented well online. Since so many buyers search online first, it’s key that your product is online.
7. Millennials will buy more than one home over the course of their lifetime
We are here to review the expected impact of the upcoming real estate market and explain how real estate entrepreneurs should use the Internet as their primary marketing tool.
In 2017, millennials made up the largest share of home buyers (66%) in the U.S., and they are the first-timers. The main takeaway for investors is that millennials don’t see homeownership as something permanent, but instead a progression of purchases to meet their changing needs.
8. Millennials have student loans which is limiting them financially
When we look at the factors that influence millennial home buying, finances play a big role. Student loans affected the survey, and student debt prevented millennials from buying their first home, prompting them to consider more affordable locations.
Nationwide, the housing stock in the US has fallen for the first time in more than a decade. However, they are finally entering the market and you need to attract these new buyers.
9. Potential housing market is huge from millennials
The millennial generation, born between 1982 and 2003, includes about 95 million Americans. Most of whom are now in their twenties or thirties.
If the United States could remove the current barriers preventing members of the millennial generation from owning a home, the value of our housing market would rise by at least $1 trillion over the next decade. The paper is part of a new report by the Center for Opportunity Urbanism titled America’s Housing Crisis.
10. Millennials struggle with debt
At the same time, the generation is struggling with debt. Rising prices and mortgage rates are eroding affordability, forcing them to look for smaller, cheaper homes. Research suggests this struggle is affecting millennials’ ability to become homeowners as quickly as they want.
However, recent lowering of mortgages rates could change everything.
This generation is now aging into the years when they are more likely to form households and eventually think about owning their own homes. You need to take advantage of the opportunity this presents.
11. Millennials don’t want to live in the city
One of the most surprising trends that millennial homebuyers demonstrate, is that they are less inclined to live in the big city. According to a 2017 study by the National Association of Realtors, homes in urban areas were purchased at an average price of $1.2 million, less than the 21% that occurred two years earlier.
Millennials choose to move because they appreciate the opportunity to live near their workplace. This number has declined in recent years, suggesting that this may be a continuing trend for the foreseeable future.
Above all, you should consider adding millennials as part of your target demographic. If you need marketing assistance or new ideas, consider partnering with an experienced digital marketing firm.
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