As you can imagine, there are some differences between what millennials (born between 1981-1996) are looking for when buying a home versus what the luxury home buyer wants in a home.
For one, millennials are looking for less space, not more space. They prefer functionality of space over more space. For example, they would rather convert a yoga studio into a spare bedroom for overnight guests than have a dedicated spare bedroom.
Luxury home buyers desire larger driveways as they typically own numerous vehicles. Millennials, on the other hand, have a stronger walkability requirement along with access to public transportation or other ride sharing services.
But what’s that one feature or features that both millennials and the luxury home buyer desire in a home? It’s sustainability. According to one definition, sustainability means living within the resources of the planet without damaging the environment now or in the future. It’s about creating an economic system that provides for quality of life while renewing the environment and its resources.
For both groups, that means solar power. Solar powered homes and in the case of luxury home buyers, solar powered pools. There’s also a trend towards smaller pools too as opposed to pools that take up a large chunk of the backyard. California has gone so far as to require all newly constructed 1 to 3 story homes built beginning in 2020 to have solar power.
Additionally, it means more environmentally friendly homes such as homes that have been constructed with recycled building materials like reclaimed wood and finished using cleaner paints.
According to the EPA, “Nationwide, landscape irrigation is estimated to account for nearly one-third of all residential water use, totaling nearly 9 billion gallons per day.” Sustainability is all about conserving that precious resource. Luxury home buyers are looking for eco-friendly landscaping like artificial turf to significantly reduce wasteful water use through landscape irrigation.
Homes that are National Green Building Standard Certified appeal to both millennials and luxury home buyers.
Many luxury home builders have been incorporating sustainability features into their homes for several years now. This trend will continue as millennials have progressively been buying into the luxury home market. In fact, Realtor Magazine states buyers under 35 years of age now account for one-quarter of all Toll Brothers Homes purchased. Toll Brothers is the largest luxury home builder in the United States.