Millennials and Real Estate: New Homeownership Priorities

Millennials and Real Estate: New Homeownership Priorities

Millennials, the generation born between the start of the 1980s and the mid 1990s, are quite active on the real estate market. Consequently, their preferences and priorities are significantly impacting housing trends.

So, what in 2024 is generation Y really looking for in a home? Of course, it would be unwise to lump all millennials together: each person is unique. Nevertheless, some features seem to stand out over others. 


For many millennials, location is everything. They often search for properties near public transportation, amenities such as shops, restaurants, and parks, as well as potential work locations. Moreover, if they’re parents, neighbourhood safety and proximity to medical and educational services will be at the top of their list.

A Flexible Floor Plan

Generation Y generally prefers houses with multipurpose rooms that can be adapted according to their changing needs. For example, this age bracket widely appreciates having a room that can serve as a home office (due to telework’s growing prevalence) or a home gym. Millennials are also partial to open concept floor plans since this type of layout allows for a more flexible use of the space for day-to-day activities. Plus, open concept living spaces are ideal for hosting parties.


A large portion of millennials attach great importance to sustainability and environmental responsibility. They’re more likely to be interested in energy-efficient homes with features such as low-energy appliances, double-glazed windows, efficient insulation, and ecofriendly heating and cooling systems.

Outdoor Living Space

This generation typically wants access to an outdoor space like a balcony or patio where they can relax, enjoy leisure activities, and get some fresh air. A landscaped backyard can likewise increase a residence’s value in addition to providing extra living space. It’s a very appealing feature for this age bracket that loves to entertain and give their kids a place to play outside.

Integrated Technology

Generation Y is tech savvy! This group commonly favours properties that integrate cutting-edge technology. Smart thermostats, smart door locks, and smart security systems, as well as Wi-Fi connectivity options are all features which are highly sought after by buyers.

Affordable Financing

Purchasing power across this age group varies from household to household, with people in their early forties usually having more options. Yet, many millennials are still in their early thirties. And while they have high housing expectations, they’re also aware of their limited financial resources. As a result, they often prefer more affordable dwellings in newer, growing neighbourhoods, or flexible financing options such as longer-term mortgages.


By understanding what millennials—now dynamic real estate market players—are looking for when it comes to buying a home, sellers and brokers are better able to meet this generation’s housing needs.

RE/MAX Québec

By RE/MAX Québec

By RE/MAX Québec

A leader in the real estate industry since 1982, the RE/MAX network brings together the most efficient brokers.