For years, it has been noted that millennials prefer home renting rather than home ownership. They embraced the badge of being the generation that shied away from buying a home. New insights from property experts, however, revealed that this reality is fast changing, interestingly in the midst of a pandemic.
Here’s a rundown of the factors that have contributed to the millennials change of heart:
1. FINANCIAL PRIORITIES. With little to no outlet for retail or leisure splurges given the travel restrictions and community quarantine measures, it is likely that the market segment has decided to redirect their finances to long-term investments, such as housing. While staying at home for long periods, they’ve started to reflect more on the ideal space they need and want.
2. BETTER DEALS. It helped the industry convey for people to realize the value of home ownership. Property developers are offering good promos. Some have reduced prices attractively, while others have provided stretched terms on down payment, while allowing buyers to move in before completing the installment. All of these help bolster the buying power of the millennial market.
3. VIRTUAL WORKS. As staying home became the new normal in the last few months, most Gen Ys have considered moving to a decent place, which they can call their own and would accommodate their lifestyle demands, most especially the work-from-home set-up.
4. SUSTAINABILITY. Energy-efficiency is something the millennials are big fans of. It allows them to reduce carbon emissions and save money in the long run. At the most basic, they are on the lookout for homes that have solar panels. With most of life spent indoors now during this pandemic, consuming electricity for work, school, and household chores, a solar-powered home makes a big cut on energy expenses.
5. TECHNOLOGY. As mentioned earlier, the desire to live in a remote-work-ready home is one of the reasons millennials have decided to shop in the property market. A stable internet connection is a must-have to support the demands of the work-from-home set-up, from constant teleconferencing meetings to regular uploads and downloads of documents.
6. CONVENIENCE. Since professional responsibilities made its way home, there’s a demand for a residential space that takes away the hassle of personal obligations. In this regard, location plays a big role. Most millennials would want to move into integrated communities or at least near essential establishments to make errands to the bank, supermarket, or hospital less stressful. A convenient location lets them focus better on the most important work.
7. HEALTH & SAFETY. Of course, this will be in the must-have list of aspiring homeowners today. But for the millennials, it’s a big consideration, given that they’re at the age when they’re having kids and growing the family, or on the flip side, caring for elderly parents. A home that features a lot of open space or is located in a sparsely-populated area emerges as an essential to let growing children and older folks experience leisure without worrying about physical distancing.