Cryptocurrency And Millennial Needs Are Transforming The Home Buyer Market

Outsiders in the real estate industry have traditionally had difficulty cracking the code when it comes to defining the millennial. But according to a recent study by Aperion Care, 85 percent of millennials expect to own a home at some point in their lifetime — and that figure is significant.

As millennials have proven time and time again, if they don’t like it, they won’t buy it. What this means is that real estate developers should be paying close attention to this new realm of prospective buyers and be open to new processes, such as purchasing a home with cryptocurrency.

Splitting the bill, paying with a cell phone and bank mobility have all helped transform a once cash-dominated society into an e-commerce metropolis. Cash doesn’t exist for many millennials — and credit cards are quickly following suit — as the demographic tends to favor ease and security over more traditional modes of payment. This has only increased the demand for more variability when it comes to transactions — especially in real estate.

In terms of accessibility, cryptocurrency is proving a popular method for millennials to make transactions. Developers should be open to adopting this new form of currency, thereby offering millennials alternative options for purchasing a new home. Cryptocurrency also allows international buyers to make safer transactions based on technology in the blockchain. And the safeguards in place are more appealing for new home buyers who view their home as an investment in their future.

Beyond accessibility, community is also important to millennials, and they tend to look for options suited to other young people. As millennials gravitate towards more inclusive settings that bring people together and create a more immersive experience, they look to adaptive buildings to facilitate this type of environment both in a public and private setting.

This generation expects amenities that offer an escape from the craziness of their environment and offer peace and tranquility. Bombarded with busy work schedules and hectic lifestyles, millennials are keen to areas like rooftops and lounge areas that present an ample opportunity for them to unwind and relax.

Among the most important of factors to millennial homebuyers, however, is location. And design matters, too: Millennials are attracted to homes that blend in with the environment and respect the culture of the neighborhood. They are not looking for something that is necessarily going to diminish the original feel of the area. It’s important to establish a presence, but in a considerate way that adds to a neighborhood’s unique character.

Millennials as a demographic know what it is they want, whether it be accessibility through emerging technologies or an authentic community experience specific to their location. The bottom line is that developers need to do their research before they start to build if they want a millennial buyer to take interest.

Ben Shaoul is the President of Magnum Real Estate, a New York City-based development firm and property management company.