Five Ways Millennials Are Changing the Housing Market

February 13th, 2023
how millennials are changing the housing market

Millennials are the largest generation group in the US, and they’re also the largest population group that’s buying homes right now. It makes sense: A millennial is defined as anyone born between 1981 and 1996, so the youngest members of that generation are now in their late 20s, while the oldest are in their early 40s. This means that many millennials are at the age where they’re choosing to settle down and buy a home. This has led those in the real estate industry to pay attention to how millennials are changing the housing market.

When it comes time to buy a home, millennials want many of the same features and amenities as any other generation, but they also have different needs as well. Let’s take a look at some of the primary things that millennials are looking for when they go house shopping and also some of the best Dallas areas for millennials to live and work.

They’re prioritizing lifestyle.

One thing that millennials have done differently than many members of previous generations is create a more defined work/life balance. Millennials frequently prize their free time and spend it socializing within their community, pursuing their fitness goals, or enjoying hobbies and interests. As such, millennials tend to be drawn toward homes that offer quality amenities and places to gather, from outdoor walking and biking trails to dog parks, resort-style pools, fitness centers, parks and playgrounds for the kids, and much more.

If there’s an app for that, they’ll use it.

Millennials are pretty much the first generation that grew up almost entirely online. This means that they’re well-versed in using apps and mobile devices for… well, just about everything. Because they’re so accustomed to technology in their everyday lives, it plays a big role when it comes time for them to buy a house, too. In fact, the National Association of Realtors reports that as many as 81 percent of millennials found homes using mobile apps in 2019, a number that’s only likely to rise as time goes on. Of course, millennials aren’t the only ones using technology to search for a home. With numerous online options, more and more people are using mobile apps and websites to do everything from search for houses to take virtual tours to connect with real estate agents. These days, it’s even possible to buy a house without ever setting foot inside it, which comes in handy when people are buying houses in other states due to new careers or other life changes. Most people still want to look before they buy, but it’s certainly possible to narrow down the field with help from some online apps and virtual tours from the comfort of your own couch!

They go green.

It may come as no surprise that millennials pay close attention to the environmental impact of their choices. This awareness comes into play in just about every aspect of their lives, from the food they choose at the store to the house they ultimately buy. A “green” home creates a smaller carbon footprint, and it comes with lots of other advantages. The same advances that have led to homes that are more environmentally friendly and sustainable bring with them increased durability, lower energy costs, and better health for everyone who lives in the house. This means everything from high efficiency lighting and appliances to non-toxic building materials to steps to increase indoor air quality, all of which are beneficial to any home buyer, no matter their age.

They aren’t afraid of new technology.

Smart home concepts have been growing in popularity for some time now, and it’s just one of the ways that millennials are changing the housing market. After all, smart homes offer a lot of convenience for any homeowner, while also increasing everything from safety to efficiency. A smart thermostat can save money on utility bills while keyless locks and doorbells that communicate with smartphones can provide increased security and convenience. It doesn’t end there, either. Many millennial home buyers are looking for new advances in smart home technology, such as detection systems that identify dangers for frozen pipes or water in the basement.

They want to be close enough, but far away.

As we already mentioned, millennials prioritize their lifestyle and convenience. As such, they tend to want to live close to their jobs, but not too close. Many of them may be working from home these days, making proximity to an employer’s office even less important. Most millennials are gravitating to the suburbs as a way to stay close to big-city conveniences while still enjoying a small-town lifestyle complete with plenty of opportunities for leisure and outdoor activities.

What are the best Dallas areas for millennials?

Well, we don’t like to toot our own horn (okay, we do!) but our little community just north of Dallas in Van Alstyne and Anna, TX may just be the perfect location for millennials who are hoping to find it all while still being able to easily commute to Dallas for work. Built near two heritage-rich Texas towns, Mantua is a nearly 3,000-acre master-planned community offering new homes for sale surrounded by breathtaking countryside but still close to big-city conveniences.

With outdoorsy amenities, friendly neighbors, and all of Dallas just a short drive away, we think there’s no better place to live in Texas than right here at Mantua. Of course, you don’t have to take our word for it. We’d love it if you came by for a tour. Since we’re well aware of how millennials are changing the housing market, you don’t have to come by and visit us at all. Just fill out the contact form below for more information about homes at Mantua and a life you’ve always dreamed about, and we’ll get in touch with you!