What will luxury homes look like for Millennials? For the future generation of homeowners, sustainable luxury, innovation, and energetic design will be the new signal of affluence.
That doesn’t mean that there won’t still be incredible class, timelessness, and luxury involved in the design process.
From luxurious penthouse apartments to 10,000-square-foot “humble abodes,” Millennials still want all the creature comforts.
So, what will luxury homes look like for Millennials? And what will be trending in luxury home design for this forward-thinking generation?
Millennials want a home that they can grow into — and they’re willing to pay for it.
Because Millennials lived at home for longer, they focused more on career goals, education and likely landed better or equal salaries to their parents.
Which means that even outside of the luxury home market, they’re in a position to skip the starter home entirely and purchase a more expensive home instead.
In fact, 59% per cent of millennials have already achieved their dream of home ownership — at least, that’s according to a survey facilitated in May 2018 by Canadian mortgage insurer Genworth Canada.
Keep in mind that’s high, according to Statistics Canada — who only reported a rate of home ownership of 43.6 per cent for 20-34-year old’s in 2016.
However, the Genworth data proves that Millennials are going to be buying and building homes in the future one way or another. The proof is in the pudding: over the next two years, 30 per cent of millennials plan on making their first home purchase.
Home amenities and community are important to Millennials and Generation Z
As the saying in real estate goes, “location, location, location”.
The up-and-coming homeowner generation is tech-driven but integrated with social channels in a way that considers their environment and community — as a priority.
Millennials want their luxury homes to have a new, clean, and modern design, but are less concerned about aesthetic and more interested in convenience, community, function, and amenities.
Homes that have walkability, are near restaurants and shops or have a few feature things to do in the area are all important facets of consideration for the Millennial homeowner.
For those who are looking to put roots down, close proximity to parks, schools, community centers, and other kid-friendly services make for attractive living features to families.
Space is still at a premium
With the Millennial generation entering into the Boomer home market, they’re looking at properties with an average house price of about $500,000 and around 2,500 square feet — for the most part in Toronto real estate.
For luxury residences, that square footage will only continue to grow.
It’s true that Millennials care about the environment, having a mindful carbon footprint and are well-acquainted with the TLC “Tiny House” and “nomadic” lifestyle trend.
However, for those that can afford it, they want maximum space optimized to their surroundings —and with a minimalistic design.
Millennial luxury homes will also need to be large enough for entertaining.
Inside there may be the main kitchen, as well as a second kitchenette to make dinner parties less cluttered.
Many home builders and architects can also build out extended butler’s pantries or add additional sculleries that provide more storage and cooking space.
Millennials want to experience a seamless transition between the indoors and outdoors
Perhaps influenced by their “Flower Child” parents, Millennials have always displayed a sense of altruism towards their environments.
They also grew up in a period of time where they can easily remember life before technology, and life after — in vivid colour.
Not unlike their parents’ childhoods, Millennials can easily remember playing outdoors often and with neighborhood friends.
Further, with tech start-ups like Tesla and Apple becoming remarkable testaments to the digital transformation era, it makes sense why this generation cohort wants to bring a sense of holism and simplicity into their homes.
To incorporate nature in a luxurious way, builders and architects are adding contemporary features with accordion-style glass doors, as well as waist-high folding glass windows over kitchen counters, to blur the lines between inside and out.
In some ways, it makes sense why this “Instagram-reel-worthy” inspired generation has an eye for contemporary luxury home design — one that keeps eco-friendly sustainability features in mind.