The Must Have List of the Millennial Homebuyer
For years, consumer buying power and purchasing trends have focused around baby boomers. However, within the past several years, the spotlight has shifted to the 80-plus million Americans between the ages of 25 and 34 known as millennials. Now the largest demographic group in history, this generation is undoubtedly the most studied. Significant research findings, speculations and predictions about shopping habits and motivators are driving the world to cater to this influential group.
Home ownership is one example. Many speculate millennials aren’t interested in, or in a position to buy a home because they’re strapped with student loans and a tightened job market. While much of that is true, research paints a different overall picture. In fact, in many U.S. cities, millennials make up half or more of home purchasers (many of them first-time home buyers), according to a recent study by Realtor.com and reported by Bloomberg.
So what are millennials looking for in their home? According to the recent Responsive Home initiative conducted by Builder Magazine, TRI Pointe Group (Pardee Homes) and partners such as Danze, Inc., several priorities rose to the top of their “must have” list when purchasing or building a home:
- Ability to maximize all spaces within the home (efficient, creative storage)
- Urban conveniences in suburban settings (able to walk to parks and schools)
- Plentiful outdoor space, including an outdoor kitchen when possible
- Customizable floor plans (i.e., ability to have a nanny or mother-in-law suite with kitchenette and more)
- Elements with high design that offer functionality and value
“There’s no doubt this generation is very design savvy and has outstanding taste,” says Sharon Overby, vice president of Danze, Inc. “We were excited to be part of the Responsive Home project. Our kitchen and bath faucets, shower systems, bath accessories and others play well with the design-functionality-value ratio.”
Among the unique design aspects was the use of satin black as a finish throughout many of the bathrooms. Showerheads, faucets and accessories were often mounted on white subway tile (grouted in black) for a fun, impactful style.
In one of the kitchens, Responsive Home Creative Director Bobby Berk paired a white farmhouse sink with a Danze pull-down faucet in a tumbled bronze finish. The juxtaposition of mixing and matching elements such as these are at the heart of millennial style.
Outdoor living has proven to be a hot button for many buyers, including these 25-34-year-olds. The Responsive Home project featured unique use of outdoor space that showcased sunken sitting areas surrounded by beautiful gardens and water features, various applications of large-screen TVs and, of course, fully functional beautiful outdoor kitchens.
“The Danze line is a great match for this set of home buyers, whether they’re building new or fixing up an existing home,” adds Overby. “We’ve proven that eye-catching design and value-focused pricing can co-exist in kitchen and bath products, which are often a big aspect to the personality and style of a home.”