Clayton Homes, the owner national manufactured and modular home factories has just published a report of their findings of the Millennial New Home Buyer. Makes for interesting reading.
There are four key insights from home buyers in their 20's showcasing what the younger generations (both Gen Z and Millennials) expect from their future homes:
A variety of floor plan options. An internal Clayton Homes research study, Home Built to Take Care of Me, Spring 2020, shows the household composition is shifting – there is a decrease of traditional nuclear family households. Therefore, buyers could seek flexible options outside of the traditional 3 bedroom, 2 bathroom layout.
Technology in the home. Clayton also concluded in its study that 74% of those in their 20s say technology makes their home easier to live in, compared to 68% of all adults.
More flex spaces. 62% of those in their 20s report it is very important that their home can adapt to their changing lifestyles and life stages to come, according to the Clayton research study. For example, many Clayton off-site built homes come with floor plan options for work from home office spaces, creative areas or additional bedrooms.
Sustainability is a key consideration in purchases. Kantar's 2020 US MONITOR reports that if a product costs and performs the same, 71% of Gen Z buyers will always choose one that is more environmentally friendly, versus 56% of the rest of consumers. The optional EnergySmart™ Home Package upgrade is an example of a series of energy efficient standards like additional insultation, sealed ductwork and low-e windows a home buyer can purchase with their new home.
"Gen Z is growing up in a world of volatility, unpredictability and untold lifestyle choices that create both anxiety and possibility – shaping values that will last a lifetime", says Ann Clurman, Partner and generations expert at Kantar. "They have grounded realistic expectations for themselves and are learning to value being financially responsible, circumspect and ethical when it comes to living their lives."
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