The Younger Generation will Drive Down Home Sizes

Millennials will make their mark on the look of homes in the coming years as homes likely will get smaller, separate laundry rooms will become essential, and home technology will be a must, according to a panel of builders and designers speaking at the International Builder Show last week.

A growing number of first-time buyers will likely lead to smaller homes — a downsizing home trend that may start showing itself even in 2015, predicts Rose Quint, the assistant vice president of research at the National Association of Home Builders.

As younger, first-time buyers re-emerge on to the market, “they will demand smaller, more affordable homes,” Quint says. “Builders will build whatever demand calls out for.”

Seventy-five percent of millennials surveyed said they want to live in a single-family home, and 66 percent said they prefer to live in the suburbs.

Since millennials tend to be more cash-strapped than older home owners, they often seek less expensive, low-maintenance choices in a home, such as landscaping that needs less watering and mowing and larger patios instead, said Jill Waage, editorial director for home content at Better Homes and Gardens, surveys buyers on home preferences. Millennails are often very tech savvy, and increasingly are asking for ways to control their home’s heating, air conditioning, security, and lighting from their phones or tablets.

Source: National Association of Home Builders