Why Millennials Are Important to the Future of HOAs

Millennials are often labeled as the entitled and lazy generation of young people. However, the oldest of this generation was born in 1981, meaning that they are now entering their 40s. And the youngest generation is now in their late 20s.

Millennials have taken a bit longer to hit certain milestones such as starting families and buying homes. But now that they are getting older, they are starting to catch up. As they start buying homes, they are on track to take over the HOA demographic and even become HOA board heads.

Read on to learn about millennials’ important role in the future of HOAs.

Home Buying Trends Among Millennials

To understand how important millennials are to the future of HOAs, it’s important to keep track of their home buying habits. While most millennials are seeking actual houses instead of condos or townhouses, their buying habits are a little different from previous generations.

One common trend is millennial communities buying homes together. Aside from the fact that it allows them to split the high cost of the home, it also meets the need for community that millennials long for. This is especially common among single millennials.

Another trend you’ll see among millennials is a desire for sustainable homes. Millennials are becoming more conscious of environmental concerns, and they are adjusting their buying habits accordingly. And aside from concern for the environment, millennials are happy to save big on utility costs through sustainable home features.

Millennials are also seeking out homes in suburban areas. These areas tend to have larger homes, which is excellent for the millennials who work from home and need office space. Suburban areas also tend to have several amenities such as parks, gyms, stores, community centers, etc.

How Can an HOA Draw More Millennials?

HOAs have a great opportunity to appeal to millennials. And there are a few things they can do to make it happen.

Creating a website as well as a social media page and/or group is an absolute must. Millennials were raised on the internet. They will rely on it to know everything about your community, including floor plans, amenities, pricing, etc.

In marketing yourself online and in other forms, make sure you emphasize the convenience of your HOA community. Millennials will be most attracted to areas where essential services (i.e. grocery stores), as well as restaurants and entertainment venues, are a reasonable distance away.

Millennials are serious about going green. Market your community as one that pushes such efforts through means such as a recycling program or through a community push to save energy.

Finally, make sure your community has appealing amenities. Millennials love features such as community pools and gyms. Also, millennials are finally starting families, so features such as a playground are a great hook.

* Planned Development Services is an Arizona HOA Management company that serves communities and HOA Boards in several different cities. If you’re the head of a board looking for some counsel on matters such as this, you’ll find several tips on our blog. Or if you’re a board member with any sort of inquiry, contact us today.