As the millennial generation continues on the path of impacting many industries, new trends in homeownership are emerging and positively impacting developers and existing homeowners. Because the millennial generation is quickly approaching the home ownership milestone, it’s an important time for older generations to take note.
So, what is it that this new generation is looking for in their home?
Solar Energy & Net Zero
Growing up and seeing the negative effects of climate change and nonrenewable energy sources, millennials are interested in homes that provide solar energy and provide net-zero living. Purchasing a net zero home means the home is providing enough energy (through solar, wind, etc.) for the homeowner to live off. This provides a decreased cost of living and is better for the environment.
“Our research showed that millennials are interested in sustainability and green features, but that they have to be practical,” Klif Andrews, Las Vegas division President of Pardee Homesto said. This shift in homeowner purchasing decisions has promoted people such as Andrews to take notice.
As solar energy continues on the rise as the nation’s fastest growing energy source, you can expect to see the millennial generation leading the charge. This provides an opportunity for developers to create new homes with solar energy installed, as well as a benefit for the baby boomer generation to make the solar investment that will pay off when they go to sell their house.
In addition to seeking a renewable energy based home, this next generation is gravitating towards “smart homes”. Growing up in the smartphone generation, millennials see the benefit in having heating and air conditioning adjustable from their phone and doorbells with built in camera and phone notifications. New-build homes are incorporating many of these smart features. From sprinkler systems that turn on based on rain sensors in the gutters, to refrigerators that reorder items when they are running low.
Interested in learning more about the net zero home movement? Checkout how a couple living in Seattle, WA build a net zero energy home at just $125 a square foot.