Outdoor Living Spaces: How To Attract Millennials In the Housing Industry
Learning how to attract millennials in the housing industry is the million dollar question. Unlike previous generations, millennials have grown up with a vast amount of technology but have succumbed to the largest amount of education debt.
Due to debt, many millennials have had to rent or have lived with their parents longer. However, this is beginning to change. According to current Fannie Mae research, “Millennials are moving out of their parents’ basements and forming new households at a faster rate.”
Much of this can be attributed to the leading edge of the millennial generation finally starting families. According to the 2017 Home Buyer and Seller Generational report that was released by the National Association of Realtor, “Nearly half of millennial buyers had at least one child.” However, unlike their parents, they are waiting later in life to not only have children but also to become first-time home buyers.
In addition, their design tastes differ than their parents. Research shows Millennials want homes that are adaptable, flexible, and personalized, with large, open floor plans and seamless indoor-outdoor living spaces. In fact, the outdoor living space is the number one must-have for 59% of Millennial home buyers. When looking at particular elements to the outdoor living space, 26% of Millennials are interested in upgrading their outdoor living space with a fire pit.
Three different styles that currently appeal to millennials are: modern, industrial and farmhouse.
A great example of a modern fire pit is Outdoor GreatRoom Company’s Cove 1242. This fire pit utilizes a simple and clean design and uses a natural gray supercast concrete material.
The industrial style features a raw, unfinished look. The Cedar Ridge fire pit from Outdoor GreatRoom Company is a perfect example of an industrial style as it features an edgy, earthy tone.
The Vintage 2424 brings a vintage, rustic, farmhouse vibe to your outside area. This features a faux wood tile top and a distressed wood slatted base.
Whether you are new to the home industry or have years of experience, it is important to notice the changes in the industry as new generations will influence those changes.