When describing the next generation, often Millennials are described as the next dominant generation. Millennials are people whose birth year range from the early 1980s to around 2000. These people have been old enough to experience the world without computers as well as with computers but have likely adapted to the overabundance of technology that has been inflicted upon them. Millennials are also described as being the most educated and likely will have the most student loan debt. Millennials have also experienced below average paying jobs during the recession as well as better paying careers throughout the incline of the economy. Millennials have experienced a large amount of change over a short period of time, studies have shown Millennials have been hesitant to buy homes up unto the past couple years. As market trends have proven, Millennials will soon be leading the charge in new construction of homes.
What if a Millennial built a house? The following is a list of must-have characteristics for every Generation Yer:
- Regarding location, proximity to a person's surroundings is a high priority. Although gas prices are currently low, Millennials have experienced high gas prices and do believe gas prices are likely to rise in the future. Proximity to job locations, children's schools, and amenities are all taken into account.
- Unique characteristics. Millennials favor quality over quantity. I often times describe this as: Instead of building a 10,000 sq. ft. McMansion in a suburb, A Millennial prefers to have (3) 2,000 square feet homes that have a variety of unique features.
- Home office is a top priority. The Millennial trend does not separate work from personal life like prior generations have. Often times, Millennials work from home or work at night and favor being at home. The cause of this is likely because of technology and the effects of higher education.
- Alternative forms of income to pay high amounts of debt. If a Millennial chose to build a house, they have likely saved money for a long time or have built equity through their current home. If you chose to build, why not incorporate an income suite to pay for part of the mortgage?
- Open floor plan with flexible spaces. As mentioned early, Millennials favor an efficient design. Open floor plans allow the combination of spaces. The office may serve as the toy room. The kitchen may dual purpose as the dining room. The living room may also serve as the office. Creative ways to provide unique spaces is a must-have!!!
[design] [build] by architects is doing just that!!! In the next couple months we will be developing the design for (3) single family homes walking distance from the East Village of Davenport. Each single family home will feature a 2 bedroom apartment which will serve as the income suite for each homeowner. The floor plans will have an open concept with unique indoor/outdoor spaces to entertain as well as raise a family.
Stay Tuned as we develop the perfect home for Millennials!!!