Younger generations, in particular a group called Millennials (generally defined as being born between the years of 1980 to 2000 and which group is larger in size than the Baby Boomers) are known for taking into account social factors when making housing, purchasing and other investment decisions. Growing up in an era of rapid change spearheaded by continued advances in technology and buffeted by a “rediscovered” global awareness in all things environmental and social characterizes this group, so how might this impact their choices for housing? Let’s take a look.
Technology Rules the Day
Cell phones are not just convenient devices for talking anymore, they are “instant information delivery vehicles” that can impact peoples’ values, choices and opinions on a variety of things. Thousands of internet reviews exist on various topics such as restaurants (best places to eat), communities (best places to live) and products (best products to buy) and many Millennials utilize these reviews when making decisions.
When making choices on housing, for example, Millennials often search for and are attracted to community-oriented neighborhoods with homes that have all the modern conveniences at the lowest cost. What are some of the convenience items they are looking for?
“Smart Homes” quickly becoming the norm
Controlled by apps on their phones or via the internet, aptly named “Smart Homes” come complete with devices such as these below that are quickly becoming commonplace and that appear as must-haves on many Millennial’s wish-lists:
- Thermostats that can sense when someone is home and that adjust the temperature up or down accordingly, saving dollars on energy usage and thusly the environment.
- Doorbells with built-in cameras that show you on your phone who is at your front door, or, for example, let you check to see whether the package you have been waiting for has been delivered.
- Garage door openers that send you notifications if your garage door is/has been open or closed recently, which is especially useful for travelers who drive away without shutting the garage door.
- Security cameras that operate in conjunction with motion detectors so you can keep watch on your home and valuables while you are away.
- Refrigerators and ovens that tell you when the refrigerator door is left open or if the oven is still on, and even some that let you know if are getting low on milk or other staples and that can create grocery lists for you based on your shopping history.
Vibrant Neighborhoods with a Community Feel
Millennials as a group are typically more focused on wellness, which means they eat smarter, smoke less and exercise more than previous generations and they like being involved in community activities as well. As such, here are some things they desire as amenities when defining a welcoming, vibrant community:
- Jogging trails that surround the neighborhood and that are lighted, safe and easily accessible.
- Tennis, basketball and volleyball courts that are well-kept and popular with the residents.
- Playgrounds and swimming pools for young families in particular, these are a must-have.
- Indoor/outdoor exercise facilities that are clean and come with the latest equipment.
- Doggy parks where Fido himself can socialize and conduct his business in a defined area in a safe, protected setting.
If you are thinking about upgrading, selling or buying a new home, we can help outfit your existing home with the latest technologies or help you find or build you a new home with all of the latest bells and whistles. Just give us a call!