The ideal home for many millennials — aka Generation Y — is smaller, has an easily accessed laundry room and is fully wired for technology.
Those are some of the results of a recent survey of young adults revealed by the NAHB during last month’s International Builders’ Show in Las Vegas.
This year should see first-time home buyers in their 20s and early 30s entering the market and they should be helped by lower down payments and manageable growth in home prices, said Rose Quint, the National Association of Home Builders' vice president of research.
"All these events lead me to believe that more people will come into the market, and as younger, first-time buyers, they will demand smaller, more affordable homes," Quint said. "Builders will build whatever demand calls out for."
A separate laundry room topped the millennials’ most wanted list, with 55 percent of those surveyed saying they just wouldn't buy a new home that didn't have one. Many also want linen closets, a walk-in pantry and plenty of garage storage.
Many millennials also want energy-efficient features such as green HVAC. Respondents said they are willing to pay 2 percent to 3 percent more for it as long as they save on their energy bills.
Being very comfortable with technology, many millennials want to be able to control their furnaces and air conditioners using smartphones and tablets, a trend that has implications for the HVAC market.
"They want to use their brains for other things, not for remembering whether they adjusted the heat or closed the garage door," said Jill Waage, an editor with Better Homes and Gardens who took part in a press conference on the survey’s findings.