The Millennial Generation includes anyone born between 1980 and 2000, currently ages 16 to 361&2. Millennial-headed households are expected to increase from 13.3 million in 2013 to 21.6 million in 20183. Nationally the largest generation alive, Millennials are having a big impact on the housing market. Millennials have shown preference for mixed-use urban areas for their convenient walkability3. Most Millennials will choose the ideal location over house size4. Although this could change as they get older and form families, they are expected to continue to have smaller households than preceding generations. They also find environmentally friendly features such as energy efficiency, water conservation, and recycled housing materials desirable and are willing to pay more for them1. 48% of Millennials would like their next home to be in the suburbs, 38% would like it to be in the city, and 14% would like it to be in a rural area3. Read more about millennial housing preferences (PDF).
1 Lachman, M. L., & Brett, D. L. (2015). Gen Y and Housing: What They Want and Where They Want It. Urban Land Institute. Washington, DC: Urban Land Institute. 2 Howe, N., & Strauss, W. (2000). Millennials rising: The next great generation by Neil Howe and Bill Strauss; cartoons by R.J. Matson. New York: Vintage Books. 3 Burbank, J., & Keely, L. (2013). Millennials and Their Homes: Still Seeking the American Dream. Housing and Community Survey: The Demand Institute. 4 Logan, G. (2014). The Millennials' Influence on New Home Demand. The Advisory: RCLCO.
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