You know what they say, only one thing is constant in this world: change.
You know what they say, only one thing is constant in this world: change. Over the last decade or so, the real estate landscape has seen a shift in the biggest driver in terms of its growth—from those born between the mid-1960s and the early 1980s, collectively known as Generation X, the real estate demographic has started to tilt towards the market popularly known as ‘Millennials’ born between the mid-to-late 1980s up to the early-to-mid 1990s (around 1996). Change has been constant in terms of the real estate market and Millennials have been anticipated to take over, but the dawn of the COVID-19 pandemic has fast-tracked the changing of the guards and prompted this generation to start a life of their own even at a time of isolation. A Business Inquirer report from last year underlined the big role Millennials have played throughout the pandemic in keeping the real estate industry up and running. With many forced to work from home, most Millennials have realised the value of having their own space. Many have also expressed consciousness in terms of saving and planning for their future, starting with their own dream home. The influx of Millennial homebuyers are driving real estate developers to cater to the needs - and wants - of this generation when it comes to their dream home. We have spoken to some to have a sharper image of what Millennials have in mind when it comes to their dream home:
“As a social animal, proximity to the city, especially to my friends, is very important to me. Perhaps a maximum of two rides from them. One other factor is relative proximity to convenience stores and fast food chains since I mostly go out late night for a quick snack. “I also want to be as close to major roads as possible where I won’t have to take so many rides just to get home. Lastly, I want a secured community since I value my safety so much.”
“Nearby essential areas are a requirement for me. I also need to be close to parks or anywhere I can go for a jog or walk. And CAFES! Second, I need space—lots of them. And lastly, my dream home stands in a village, a guarded one, for my own safety.”
“Distance from my neighbors is very important for me. I want to be in a community where my house has enough distance from others to maintain my own peace of mind and privacy. “I’m also looking for a house surrounded with trees and free from pollution. I want it to be close to essential places like hospitals, clinics and grocery for easy access, especially in times of emergency. “Lastly, I want to be as close as possible to the city yet still far from busy streets. A suburb type, you may say. I want to live somewhere not as crowded as possible.”
“For me, space is a huge factor in my decision. I need enough space to move, space to spend my time together with my family from the living room, to the dining area. I also need my own space, so I have to have my own room. “Location also plays a big role, especially in terms of proximity to hospitals, schools, supermarkets where I can easily get essentials without having to travel that much.”