Millennial Home Buyers: What Are They Looking For?

Casamatic makes home buying easier. How do we do that? We learn about the home buyers using our home search tool, meaning we learn about what millennial home buyers are looking for in general.

We ask a series of questions before getting started with a user’s home buying process. When they answer them, we learn about their favorite foods and activities, if schools are important, their ideal commute, what home and yard types they’re looking for, and more.

These answers help us match buyers to their perfect home, and they also help us craft the Casamatic experience to be better for every user that comes to us. Curious about what we’ve learned over the past year? Here’s what we’ve learned this year about millennial home buyers:

millennial home buyers

It probably isn’t surprising that the millennial generation is looking for shorter commutes. We found that 90% of our users want to live close to their work place with an average commute of only 26 minutes. Among our Chicago users, 27% are looking to use public transportation versus driving.

We’ve noticed that on average, 51% of millennial home buyers using Casamatic prefer living in a small suburban area. Some cities still have a big chunk of millennials looking to live in the city, too. Chicago and Columbus see 35% of Casamatic users looking for a city home, and Phoenix and Nashville see 28% and 23%, respectively. It comes at no surprise that Charlotte and Raleigh residents are looking for larger spaces, each city seeing roughly 25% of millennial homebuyers looking for suburban homes with large yards.

Millennials are slowly moving into parenthood, meaning they’re beginning to look for homes in decent school districts. On average, 38% of Casamatic users are checking off quality schools as an important factor in their neighborhood. Chicago and Phoenix buyers are even more serious about their schools, with 49% and 46%, respectively, requiring quality schools.

millennial home buyers

So we know where these young home buyers want to live, but what about their budgets? The average maximum budget for our 6 cities is $295,001, but of course home prices vary among cities. We see the highest budget in Chicago, with a max average of $376,602, and the lowest in Columbus at $258,723. With these budgets, Casamatic users are hoping to find homes with 2 or 3 bedrooms, and 1.5 bathrooms.

Ok, now onto the fun stuff. As mentioned above, Casamatic doesn’t just ask about the basics like your budget and required home size. We also get to know you and what you like to do. A neighborhood isn’t much fun without great restaurants to eat at or places to be on weekends (with or without the kids).

Casamatic’s millennial users want to live near coffee shops, brunch spots, and breweries. Are we surprised at all? Among our users, the most preferred types of restaurants include American, Mexican, and Pizza joints. Sushi and Italian are trailing closely behind, and BBQ has an unsurprising spike in Charlotte.

millennial home buyers

We’ve seen that millennial home buyers want to live near nightlife, with an average of 75% of our users marking that activity as an important factor to their home location. They’re also an artsy generation, with 50% saying that they’d like to live close to the arts. But of course, this generation is starting to have children, and 33% are looking to have kid-friendly activities in the neighborhood, too.

The information we’ve gathered on our users has led us to adjust our product to meet their needs, and has also allowed us to become better experts on this new generation of millennial home buyers. Curious about how we’re getting this data, or want to learn more about some of the specifics? Comment below or contact us.

Click here to view and download the full infographic.

Want to learn about how you can provide the Casamatic home buying experience to your clients? Visit casamatic.com to request a demo!