Web search results suggest that millennials do not have a uniform preference for the size of their homes. Their choices are influenced by some factors such as:
- The COVID-19 pandemic: A survey by the National Association of Home Builders found that more than a third (36%) of millennials want a larger home because of the pandemic, as they need more room and comfort for working and studying from home.
- The housing market: Business Insider reports that American homes have become bigger and fancier since the 1970s, but there are not enough affordable homes for millennials, who are the majority of homebuyers. This means that millennials may have to settle for a smaller or less convenient home or wait until they can save enough money for a larger down payment.
- The lifestyle preferences: Another Business Insider article says that many millennials are not attracted to the huge houses that baby boomers want to sell, as they favor smaller, more modern-looking options, and areas that are close to shops and services. Millennials also care about sustainability and energy efficiency, which may be more difficult to achieve in larger homes.
Therefore, the question of whether millennials are looking for larger homes depends on the individual situation and priority of each homebuyer. There is no universal answer for millennials, as they face different obstacles and possibilities in the current housing market.