In not-so-surprising news, millennials have forged their own paths, making different lifestyle choices than the generations before them, from delaying marriage and children to spending their money on the intangible – health, wellness, and experiences – rather than material goods made famous by the decadence cemented in ‘80s lore.

But an unexpected side effect of the chasm of difference between generations? Millennials don’t want the houses older generations are selling – and it’s creating a big problem in the real estate market.

A New Problem For New Homebuyers

Where once upon a time older generations lived by the ‘more is more’ mantra, building sprawling estates with elaborate and ornate detail, first-time homebuying millennials want smaller, more modern alternatives with great walkability.

Their complaints? Gaudy, poorly executed monster homes requiring extensive electrical and plumbing work, too many bedrooms for storing evidence of excessive consumerism, crown moldings, ornate details and Mediterranean or Tuscan-style architecture.

Oof.

Poor crown molding never saw this coming. And honestly, neither did we.

But alas, the market is shaped and dictated by demand and what a buyer wants, a buyer will – at least try – to find, even if it means renting a little longer.

Design trends have shifted radically in the past decade – open floor plans, millennials are known for being partial to minimalist, low-maintenance designs, and sleek, discreet appliances. Or, in other words, elements not readily found in older homes.

So homes with crown moldings, ornate details and Mediterranean or Tuscan-style architecture can be a hard sell, while properties with clean lines and open floor plans get snatched up.

And when what they want doesn’t exist, they prefer to build modern, newly constructed homes to avoid the costly renovations and design updates to suit their needs.

Big Problems, Small Budgets

There is one small issue with what millennials want – and that’s what they can afford.

Millennials buying their first home today are likely to pay 39 percent more than older generations who bought their first home in the 1980s, and are saddled with record levels of student-loan debt, making it hard to take on a mortgage.

At DeLeon Sheffield Company, we’ve seen all the generational trends come and go – shag carpeting and avocado-green everything, anyone? So we know that despite a market that may not have the inventory buyers want today, there’s always a house perfect to call home around the corner – and we’re here to help you every step of the way to make that happen.

Because at DeLeon Sheffield Company, ‘We’re More Than Realty; We’re Family.’