For rich millennials, luxury homes are largely about function.
Business Insider spoke to real-estate agents in three popular states among rich millennials — New York, California, and Florida — about what the demographic looks for in a luxury home. While specifics depend on the buyer’s situation — like whether they’re married, single, or have kids — some common themes cropped up.
Turns out, rich millennials like a new, clean, and modern design, but they seem to be less about aesthetic and more about convenience and amenities.
And they care less about size and more about quality, West Palm Beach real-estate agent Burt Minkoff of Douglas Elliman told Business Insider. They’re also more savvy buyers, according to Southern California agent Sally Forster Jones of Compass, who told Business Insider that rich millennials are cautious about their money and make sure they don’t overpay.
Here’s what rich millennials look for in a luxury home, according to real-estate agents.
Walkability is a major factor for rich millennials.
Agents in all three states cited location and walkability as a key factor.
“Primarily, millennials are focused on location as the main selling feature,” Forster Jones said. “Whether they are looking for views or a home with walkability to local shops and/or their job, the location plays a major part in the decision-making process.”
In New York City, many want to be able to walk to work, according to Ian Slater of Compass.
Millennials also want to walk to restaurants, recreational activities, and, in the case of Florida, the water, Minkoff said. Millennials with kids also look for proximity to good schools, he said.
Millennials have an eye for sustainable luxury.
Both Minkoff and Cindy Scholz of Compass in New York City have noticed a trend in millennials looking for green features in their homes.
“Millennials are increasingly conscious of the environment and want eco-friendly features,” Scholz told Business Insider. “Something I have been noticing in new builds is finishings created from hemp.”
Eco-friendly features can be anything from solar panels to LED lighting.
Contemporary design is popular among rich millennials.
Millennials tend to prefer contemporary homes or traditional homes with contemporary finishes, Forster Jones said.
Consider outdated parquet flooring — it can make a home unsellable to millennials, according to Scholz. Millennials would prefer something like wide plank oak flooring, which immediately brightens up any space, she said.
Tech-savvy homes are also popular with millennial buyers.
Private outdoor spaces are a significant draw.
In New York City, wealthy millennials want what’s hard to come by: private outdoor space. And not in the form of small balconies — they’re looking for terraces, roof decks, and back yards, according to Schulz.
Outdoor space is almost seen as a necessity, as millennials really care about having a place to chill, New York City real estate agent Ante Jakic of Compass told Business Insider.
Summer kitchens are a bonus for millennials on the hunt for luxury homes.
Leisure is important to many of Minkoff’s clients, who want a summer kitchen near the main kitchen. Here, they specifically seek a grill, an ice maker, and an area to lounge in, he said.
Homes are nearly 25% more likely to sell to millennials if they have an outdoor kitchen, according to a Zillow report.
Millennials are also looking for pools with all the works.
Millennials don’t just want any pool. They want it to be full of features — think an adjoining hot tub, a lap pool with an infinity edge, or a wall with a waterfall, Minkoff said. They also like to have a fire pit nearby.
A workspace is high on many rich millennials’ list of priorities.
Many millennials are part of the gig economy, and as such, are likely to work from home and seek a workplace to do so, according to Slater.
Usually, that comes in the form of an extra bedroom, which increases the price of the home, according to Schulz. This extra space is extremely valuable, she said — many young couples will transform the office into a baby’s room before upgrading to a new home altogether if they become parents.
Open-concept kitchens with fun amenities are a common request.
Several real-estate agents, including Minkoff, said millennials want an open-concept kitchen.
“Younger clients like a space that they can entertain [in],” New York City real-estate agent Eric Goldie of Compass told Business Insider. “I’ve noticed most of my millennial clients want an open kitchen that can be the center of their entertainment space.”
While most millennials care about the kitchen and how it looks, having amenities like a nice coffee machine and wine cooler as an appliance is even more important to them, according to Jakic.
They particularly like homes with pizza ovens and wine cellars, according to Zillow’s research.
Another reason millennials want a nice kitchen and dining area is that they’re increasingly health-conscious, Schulz noted.
A space for entertaining is top of mind.
Millennials who are entertainers or bachelors also prefer an open floor plan throughout the house for indoor and outdoor entertaining, according to Forster Jones. For the same purposes, they also prioritize movie theaters and a bar or lounge, she said.
Rich millennial homebuyers have an eye for Instagram-worthy spaces.
Another reason millennials like a good kitchen? Instagram purposes. Slater said rich millennials prefer a nicer kitchen and bathroom if they’re going to be posting on social media, as a lot of content is created there.
Millennials pay great attention to anything that could potentially have germs, so they tend to like very white and medicinal baths and kitchens, David Christopher Salavatore of The Red Jacket Team at Compass in New York City told Business Insider. Look at any influencer’s Instagram feed, and you’ll find white kitchens and bathrooms serving as the backdrop to home photos.
Double sinks are a common request.
“Most millennials want double sinks in their master bathroom,” Schulz said. “Due to the high cost of living, younger people tend to cohabitate even when they are just dating. A double sink can extend the life of any relationship.”
Rich millennials aren’t just focused on themselves: Pet amenities in luxury homes are also a common request.
Millennials’ search for amenities isn’t just focused on their own needs — they’re also looking for space for their pets, according to Slater. And if they’re buying in an apartment building, pet spas are a must, Jakic said.
Written by Hillary Hoffower
Source Business Insider