Millennials have officially turned their murderous bloodlust onto the real estate market. It seems we’re responsible for killing Mansions. As in, the mass-produced, cookie-cutter, huge estates our parent’s generation simply couldn’t get enough.
Researchers say those properties aren’t getting the same interest from our generation on the open market, and it’s making real estate professionals have to change their game. Why does this matter? Millennials are currently the biggest buyer of homes according to Realtor.com and we’d rather have something small and different than the same house as our neighbor and their neighbor next to them.
It’s a trend that’s currently getting seized on by real estate developer Jamie Mackay who has decided to shift his focus from building more 6500 square foot and over homes to building unique homes somewhere in 2000 to the 4000-square-foot range. Not only is Mackay catering to our generation by “redefining the size and scale homes” but also “more affordable.”
And P.S.? Another thing Millennials want from their homes is an outdoor space and plenty of room for activities. You can probably thank COVID for that new stipulation.
Source: Market Watch