Millennials ‘Go Green’

In the past decade, we’ve seen a rise in eco-awareness and the trend towards ‘going green’ in nearly every market from textile production to farming to construction. Why should the real estate market be any different? It’s really not. Many home buyers in the Millennial demographic, ages 18-35, are hyper-conscious of the environmental impact that their buying choices have. According to a study done by Accenture, Millennials will encompass a staggering 30% of all retail purchasing by 2020. With a reported 75% of American adults (80 million of them Millennials) purchasing green products and/or services, ‘Going Green’ may no longer be a fad but a necessity for markets across the board.

According to the National Association of Realtors (NAR) 2015 Home Buyer and Seller Generational Trends report, green and energy efficient features are important to home buyers, especially Millennials. Ranked as ‘very to somewhat’ important, heating and cooling costs matter most to Millennial buyers at 86% overall. Next, at 68%, was energy efficient appliances, washers and dryers to be specific. Third in the ranking was energy efficient lighting at 66%. Surprisingly, solar panels installed on the home came in dead last, at 11%.

Newly built home purchases are attributed to the energy efficient features theses homes boast, with 10% of Millennials 35 and younger choosing new construction over other options. Better Homes and Gardens Real Estate (BHGRE) reported that 86%  of adults aged 18-35 believe that updated tech including, ‘smart’ thermostats, are a home essential. The BHGRE report also found that Millennials are willing to sacrifice square footage for better energy performance. More than half of buyers say it’s more important than curb appeal.

So what are some of the top reasons Millennials choose to ‘Go Green’? This insightful infographic will shed some light on the driving factors behind their decisions to be eco-conscious when searching for a home.

Download this infographic.