Among those surveyed, 76% preferred a single-family home while 3.6% wanted a condominium, 8.6% wanted an apartment, and 3.7% wanted a mansion.
The most important feature of a home, according to the survey, was location followed by number of bedrooms and the size of the home. The last on the list was curb appeal while energy efficiency and the inclusion of smart home devices were also lower priorities.
Only 16% of those surveyed showed interest in a home that needed to be fixed. Thirty-two percent (32%) wanted a home that was ready for a move-in, and 24% wanted homes that needed minor cosmetic repairs. Buying a brand-new home was the preference for 13% of respondents.
Forty percent (40%) wanted to have their home in the suburbs while 31% showed interest in either living in or close to a city. Only 23% wanted their homes in a rural area. California was the most desired state to live in while Florida was the least as millennials considered the cost of living (54.3%), proximity to family (37.2%), safety and security (37%), and job opportunities (34%). Political considerations (18.2%) and natural disasters (16.1%) were not as prioritized.
Inflation (57.9%) is the biggest financial barrier currently preventing millennials from buying homes, according to the survey, followed by insufficient savings (47.7%), insufficient income (42%), child expenses (33.2%), student debt (23.1%), and medical debt (19.4%).
