Millennials in the Housing Market Case Study

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Housing and Millennials

Millennials have varying priorities and are influencing major changes in the housing market today. Contrary to the previous generation that was determined to attain a large-square-foot house and a car, people in the late 20s and early 30s are seeking urban and smaller spaces located near amenities and closer to work (Ehlenz et al., 2020). They are interested in houses located a walkable distance from their workplaces, as confirmed by television shows such as Property, Big Style, and HGTV’s Small Space. It is estimated that every car has about eight parking spaces, including where the owner shops, eats, works, and resides, translating to roughly two billion spaces.

The emerging technology supporting self-driving cars is near, and it is likely to require fewer parking spaces as these vehicles will always be on the move. Fewer people are likely to own cars in the future, suggesting that transportation will become a service instead of an asset. The changing situation means that fewer garage spaces will be necessary (The Virginia Center for Housing Research [VCHR], n.d). Most of the millennials are considering eating out instead of struggling with cooking activities. This means that they will require reduced kitchen spaces since they will rarely be used. The generation will be satisfied with houses that have reduced parking and cooking areas. Homebuilders working in the metro area will need to understand the emerging requirements to meet the market expectations.

America Housing without Cars

The American houses will be designed without parking spaces and garages since many people will not be interested in owning cars. Many millennials have changed their perception, and they seem to value proximity to their jobs, marketplaces, and social services more than owning a car (Clark, 2019). This implies that there will be a need to develop more small houses in the urban areas to accommodate a bigger population. The lifestyle of many young people does not require an elaborate kitchen, and house developers need to consider their needs (The Virginia Center for Housing Research [VCHR], (n.d). Houses should have a small kitchen and limited or no parking spaces.

Garages Will Not Be Required in the Future Homes

Transportation is slowly becoming more of a service due to the changing preferences among young generations. This is eliminating the need to develop houses with garages or parking spaces. The changing needs are likely to transform the way people think, communicate, and address issues. Spaces in homes meant for parking cars will soon become irrelevant due to changing perceptions. Most of the houses developed around 2017 had at least a two-car garage for small homes, with some having spaces for as many as six cars (Ehlenz et al., 2020). However, the garage phenomenon is progressively losing meaning, and it is likely to become an outdated requirement in the development of residential property by 2030.

Elaborate Kitchens Will Not Be Required

The lifestyle of people aged between 25 and 35 years seems different from those of the older population. The group is focusing on addressing issues differently in all aspects, including economically, politically, and socially. This means that the group is attempting to behave or reason based on facts and not on other people’s choices or perceptions (The Virginia Center for Housing Research [VCHR], (n.d). The lifestyle is marked with a vast of views, hobbies, and interest explaining their behaviors.

One of the common behaviors among the group members is loss of interest in preparing food at home. They do not want to go through the work associating with home cooking, including buying to sourcing raw food in the grocery, preparing, and cooking. They seem to enjoy the convenience of eating outside and only coming home to sleep. Fast-food restaurants have offered an easy way to access their preferred food at a reduced cost while eliminating the stress of having to cook at home (The Virginia Center for Housing Research [VCHR], (n.d). This implies that modern homes will not require a large or elaborate kitchen since it will rarely be used. A small to medium size cooking space will be sufficient for the millennial population.

Small Houses Will Satisfy the Millennials Group

The interest in owning cars and big houses seems to be fading away as millennials gain interest in other factors that are more relevant to them. They are finding it more important to stay nearer the job and other important services than owning a big house away from the town where one would be required to travel over a long distance to and from the workplace (Pfeiffer et al., 2019). This implies that small houses in urban areas for their simplified lifestyles will be sufficient to satisfy their needs.

Recommendations

The world is changing at a fast rate, and it is necessary to appreciate and acknowledge the emerging ideas and perceptions. The millennials seem to have an interest in addressing issues that affect them directly to improve the quality of life. It is recommendable for home developers to start focusing on satisfying the need of the young generations. They should establish measures to develop smaller houses in urban areas to provide homes to many working young people. Developers must consider their preferences through offering houses that are socially conscious, flexible, and promote a constantly connected lifestyle. This encourages the development of innovative building as well as effective site selection.

References

Clark, W. A. (2019). Millennials in the housing market: The transition to ownership in challenging contexts. Housing, Theory and Society, 36(2), 206-227. Web.

Ehlenz, M. M., Pfeiffer, D., & Pearthree, G. (2020). Downtown revitalization in the era of Millennials: How developer perceptions of millennial market demands are shaping urban landscapes. Urban Geography, 41(1), 79-102. Web.

Pfeiffer, D., Pearthree, G., & Ehlenz, M. M. (2019). Inventing what Millennials want downtown: Housing the urban generation in low-density metropolitan regions. Journal of Urbanism: International Research on Placemaking and Urban Sustainability, 12(4), 433-455. Web.

The Virginia Center for Housing Research, (n.d). Housing and Millennials. Web.

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