Millennials in the Denver Real Estate Market

Posted on at 10:59 pm by Andrea Webber

Like or not, millennials, born between 1981 and 1997, are having a significant impact on the Denver real estate market. Millennials, who currently range between 22 and 38 years old, are entering their prime years for purchasing a home as they advance in their careers, increase their earning power, and are starting families. Millennials are here to stay and will play a major role in the Denver housing market for many years to come. Here are a few millennial trends in the Denver real estate market:

  • Fixer Uppers – Since the average home price in the Denver area often falls out of an entry-level homebuyer’s budget, millennials are willing to put in blood, sweat and tears to shape their investment into what they want it to be, meaning they are more willing to purchase homes (with a lower price tag) that need more work than older generations.
  • Open Floor Plans – Millennials are not looking for homes with choppy floor plans (i.e. dining rooms). They want open, well designed floorplans that flow from room to room.
  • Kitchens are Important – If there is one room that millennials particularly care about, it is the kitchen. While older generations put a large emphasis on the living room for social gatherings, millennials want a large kitchen for entertaining.
  • Technology– Millennials want to have the latest technology installed in their homes, along with access to solid cell reception and a fast internet connection.
  • Location, Location, Location – Millennials are on a tighter budget than older generations and realize that home prices drop as they travel away from large cities. Millennials are willing to commit to a significant commute if it means they are able to afford their dream home.
  • Energy Efficient – Millennials want their homes to be energy efficient, including being equipped with solar energy panels, energy efficient appliances, etc.
  • Smaller Homes – Since they tend to start families a little later and have tighter budgets, millennials aren’t necessarily judging homes by their square footage. In fact, most millennials live in homes that are smaller than 2,000 sq. ft.
  • Low Maintenance – It’s simple. Millennials don’t want to spend their valuable time on weekends maintaining a large, sprawling yard, or on other monotonous home maintenance projects.

Since I have worked with numerous millennials buying and selling Denver homes, I understand their needs well. For more information on navigating through the Denver real estate market as a millennial, please contact me at 303-475-7057.

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