SOURCE: Better Homes and Gardens Real Estate LLC
PARSIPPANY, NJ--(Marketwire - Mar 12, 2013) - There's a new type of homebuyer on the market. They know what they want and are ready to get their hands dirty to transform a house to meet their unique needs. Stereotypical luxury and prototypical homes do not entice them; rather these consumers strive to own homes that stand apart and suit their personal lifestyle... Enter the next generation of homebuyers.
Better Homes and Gardens® Real Estate today released national survey findings of 18-35 year-old Americans that reveal the next generation of homeowners are rewriting the rules to homeownership and reinterpreting traditional norms to fit their values. Results indicate that the next generation of homeowners seeks essential, purposeful homes (77%) equipped with the technological capabilities they have grown accustomed to, as opposed to stereotypical luxury homes preferred by many in their parents' generation. The findings also demonstrate that 82 percent of "Millennials" surveyed embrace their independence with gusto and prefer to handle home improvements on their own instead of turning to their parents for money; a stark contrast to the general misconception that paints young Americans as coddled or entitled.
"It's critical that real estate professionals understand what embodies a quintessential home for the Millennial generation, which vastly differs from the traditional norms of generations before them," said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. "These survey findings allow our brand to continue to best serve the next generation of homebuyers and find homes that can or do appeal to their lifestyles and unique spirit. Understanding technologies to communicate with this generation is now only one piece of the puzzle for agents; 'smart' technological capabilities must now be ingrained into the home itself."
Key findings from the Better Homes and Gardens Real Estate survey include:
The Fix-It Generation: While homeownership presents new responsibilities and surprises for first-time homeowners, Millennials are prepared for home maintenance tasks. Nearly 1 in 3 (30%) Millennials surveyed would actually prefer a "fixer-upper" to a house with minimal repairs needed.
They aren't afraid of rolling up their sleeves either. Nearly half (47%) of survey respondents would be more likely to tackle a home maintenance problem themselves, rather than calling a professional to handle the job. Furthermore, 72 percent of Millennials consider themselves just as handy -- if not more so -- than their parents.
Bigger Isn't Always Better: Unlike their Baby Boomer parents, 77 percent of Millennials surveyed would prefer an "essential" home compared to a grand stereotypical luxury home. This generation wants their living quarters to be as unique as they are; more customized and less "cookie cutter" (43%). To that end, Millennials seek for each room of their home to serve a purpose fit for their lifestyle. For instance, 1 in 5 of survey respondents agree that "home office" is a more appropriate name for their dining room based on what they typically use it for, and 43 percent would like to transform their living room into a home theater.
Home, Sweet (Smart) Home: When it comes to the next generation of homeowners, more than half (56%) of Millennials believe home technology capabilities are more important than "curb appeal." If a home is not up-to-date with the latest tech capabilities, 64 percent of Millennials surveyed would simply not consider living there. In addition, 84 percent of the younger Americans surveyed believe that technology is an absolute essential to have in their homes. The most sought-after tech being an energy efficient washer and dryer (57%), security system (48%), and smart thermostat (44%).
Their Home, Their Way: Millennials have a fresh perspective on furnishing a home. Fifty-nine (59) percent of those surveyed would rather have extra space in their kitchen for a TV, as opposed to a second oven, and they seek to be entertained in every room of their home. While kitchen renovations are likely to remain a top improvement priority, tech updates are highly desirable, as well. In fact, 41% Millennials would be more likely to brag to a friend about a home automation system over a newly renovated kitchen.
These findings are an extension of a 2012 Better Homes and Gardens Real Estate homeownership survey, which revealed that in spite of the recent housing crisis, Millennials are undeterred from buying a home and believe owning a home is a key indicator of success. More information on both surveys can also be found at www.bhgrealestate.com.
About the Survey
The Better Homes and Gardens Real Estate survey was conducted by Wakefield Research among 1,000 nationally representative adults, ages 18-35, between December 7, 2012 and December 26, 2012, using an email invitation and an online survey. Quotas have been set to ensure reliable and accurate representation of the adult population, ages 18-35.
Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
About Better Homes and Gardens Real Estate LLC
Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. The growing Better Homes and Gardens Real Estate network includes approximately 8,300 sales associates and approximately 250 offices serving homebuyers and sellers in Canada and 25 U.S. states: Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Kansas, Pennsylvania, Maine, Massachusetts, Minnesota, Missouri, New Hampshire, New Jersey, New York, Nevada, Ohio, Oregon, South Carolina, Texas, Vermont, Virginia and Washington.
Better Homes and Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens Real Estate Franchise is independently owned and operated. For more information, please visit www.BHGRealEstate.com.