Recent data from the Census Bureau confirms that Millennials are increasingly entering the housing market as first-time buyers. The homeownership rate of millennials—now at 36 percent—registered the largest gains among all age groups in 2017. As the nation's largest demographic group, more than 70 million Millennials are poised to dominate the home buying market in the months and years ahead.
"Millennials are recognizing the benefits of homeownership and are eager to buy their first homes," commented National Association of Home Builders (NAHB) Chairman Randy Noel, a custom home builder from LaPlace, La., in a news release. "And contrary to conventional wisdom, this generation is in the market for single-family homes in the suburbs as they look ahead to raising their families."
Homebuilders are watching how these changing demographics are impacting demand. Painting contractors watching this shift should expect to meet interest in bolder accents and darker neutrals. As Realtor.com puts it, Millennials are steering away from their parents focus on beige as the new white and are looking for more pops of color. This generation veers more toward grays and bold colors such as the burgundy accent wall. Black is also an increasingly popular option for making a bold room statement, found a 2017 Sherwin-Williams color preference survey.
In addition, Millennials tend to prefer a finished home that meets their needs and expectations for high-end finishes. Pushing new construction homes beyond contractor white can make a bold statement in new neighborhoods.