Houston homebuilders are preparing for a wave of Millennial buyers to enter the housing market in the coming years.
Millennials — those between 20 and 37 years old — have long delayed homeownership. Housing experts attribute this trend to myriad reasons, including student loan debt, the recession and a national movement toward city living.
However, economists predict Millennials — the largest generation in American history — will begin to buy homes en masse over the next five years.
Skyrocketing apartment rents are pushing more Millennials into homeownership, and as more Millennials start families, they’re looking to settle down, said Scott Davis, the regional director for Houston-based Metrostudy, a national housing research firm.
“Overall, Millennials are a homebuying-oriented generation,” Davis said. “As this generation of almost 80 million people now enter the homebuying market, there’s a mad rush for homebuilders trying to figure out what Millennials are going to want to buy.”
Unlike young people of previous generations, Millennials are looking for different features in their homes, Davis said. As Millennials come of age, local homebuilders are constructing homes that cater to this emerging demographic of homebuyers.
Here are three things Millennials are looking for in their homes, according to Davis.
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