Millennial and Gen Z Homebuyers: Understanding Their Preferences and Needs

Learn about the preferences and needs of millennial and gen-Z homebuyers in the current real estate market. Expect Realty explores key insights to help buyers make informed decisions and find their dream home.

The real estate landscape has undergone significant changes in recent years, largely influenced by the entry of millennials into the housing market. Born between the early 1980s and late 1990s, millennials are the largest demographic group in the United States, and their preferences and needs have shaped the way homes along the Mississippi Gulf Coast are bought and sold today. Gen Z are mostly young adults born in the 2000s. In this blog post, we delve into the core aspects of what these generations are looking for in their Biloxi dream home and how we can assist them in their home-buying journey.

1. Trends in Millennial and Gen Z Homebuying

They are not merely looking for a place to live; they seek a lifestyle that aligns with their values. Suburban homes with ample space for families are still popular, but there is a growing trend of millennials gravitating towards urban living. Walkable neighborhoods such as The Village at Traditions in Biloxi or Florence Gardens in Gulfport , access to public transportation, and proximity to entertainment hubs such as downtown Ocean Springs are increasingly sought-after features.

2. The Rise of Technology in Home Searches

As digital natives, millennials and gen-Z rely heavily on technology in their home search process. Online listings, virtual tours, and social media play a pivotal role in their property research. ExpectRealty.com solves this problem by providing near real-time listing from the Multiple-Listing Service (MLS) on a beautiful feature rich app that allows for deep searching and saving listings. The Expect Realty Closely app puts simplicity in the palm of this generations hand with all of the great features expected in mobile search.

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3. Sustainability and Energy Efficiency

Environmentally conscious and aware of their carbon footprint, millennials and gen-Z prioritize sustainability and energy efficiency. Green homes with solar panels, energy-efficient appliances, and eco-friendly construction materials are high on their wish list. Several coastal builders have embraced these trends by incorporating these features into their homes.

4. Flexibility for Remote Work

The rise of remote work has reshaped the housing preferences of millennials and gen-Z. Towns along the Mississippi coast from Bay St. Louis to Ocean Springs have seen an influx of younger home buyers relocating to the coast and telecommuting to work. Many seek homes with dedicated office spaces or flexible layouts that accommodate a work-from-home setup. Telecoms, utility, and wireless companies have been installing fiber across the coast to meet the demands for blazing fast internet.

5. Affordability and First-time Homebuyer Programs

While millennials and gen-z are both eager to invest in real estate, many face financial constraints due to student loan debt and high living costs. At Expect Realty, we help millennial homebuyers explore affordable housing options and guide them towards first-time homebuyer programs that can ease the financial burden of homeownership. Some of notable programs millennial buyers should be aware of and look into are the Mississippi Home Corporation’s (MHC) Smart6 program and their Mortgage Revenue Bond 7, also know as MRB7 program. Click here for additional program information.

6. Overcoming Challenges

Despite their enthusiasm for homeownership, they face certain challenges in the real estate market. The increasing competition for properties in popular locations often results in bidding wars, making it difficult for some to secure their desired homes. Rising interest rates and inflation of building costs puts many homes out of reach. There are solutions though and seeking out the best REALTORS in the Gulfport-Biloxi area can by a game changer. Great real estates know how to find hidden gems and find creative ways to structure offers that win.

7. Emotional vs. Rational Decision-making

Millennials and Gen-Z are known to make decisions based on emotions and values. As they embark on the journey of buying a home along the coast, emotions can sometimes cloud their judgment. Especially when it comes to costs of living in a flood area or of insurance in general. First time homebuyers should partner with an agent that can help them decide if a home a good invest or a money pit.

8. Homeownership Education and Support

For many millennials and gen-Z, purchasing a home is a significant milestone, and they may require additional guidance throughout the process. At Expect Realty, we are committed to providing comprehensive homeowner education and post-purchase support to ensure our millennial clients feel confident and satisfied with their investment.

Younger homebuyers have redefined the real estate market, seeking sustainable and technology-driven homes that fit their urban lifestyles. As a buyer-centric brokerage, Expect Realty understands the unique preferences and needs of this generation. Whether it’s finding an eco-friendly home in Biloxi or navigating through competitive markets in Bay St. Louis and Ocean Springs, our team is dedicated to helping millennials and gen-Z buyers find their ideal homes and make informed decisions.

If you’re ready to embark on your journey towards homeownership or looking to sell your property in the vibrant and picturesque Mississippi Gulf Coast, Expect Realty is here to make your dreams a reality. Our team of dedicated real estate professionals is committed to providing personalized and expert guidance throughout every step of the process. Whether you’re a millennial homebuyer seeking an urban oasis or a homeowner looking to list your property for sale, our specialized services cater to your unique needs. Give us a call today at (228) 215-1861, and let Expect Realty be your trusted partner in achieving your real estate goals. Your dream home awaits, and we can’t wait to be a part of your success story

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