GOOD Deals is a biweekly opinion column about Wilton real estate published in partnership with Kerry Gutierrez with Douglas Elliman Real Estate.  

Reflecting on when my husband and I bought our first home in Wilton a decade ago, I remember why it was the perfect choice for us. We were young(ish), juggling 18-month-old twins, operating on a tight budget, and had big dreams for our kids’ education. We were ready to put down roots and build lifelong friendships. As we approached the decision to make Wilton our home, my husband — ever the analytical one — dove into the numbers: commute time, taxes, cost of living, price per square foot, etc. I, on the other hand, was more interested in playgrounds, coffee shops, and the overall town vibe. After comparing notes, sprinkling in some logic, adding a dash of emotion, and maybe a few drinks, we concluded that we were perfect for Wilton!

Fast-forward to today, I ponder the question: who is the perfect fit for Wilton today?  Who would genuinely appreciate a picturesque New England community with top-rated schools, vibrant sports programs, and modern conveniences? Who would cherish a town with abundant natural space, a quaint downtown, and a strong sense of community? A town with an eye toward environmental sustainability, conservation of natural ecosystems, and preservation of its rich history? A town where homes are more affordable than its ritzy neighbors but still provide a high quality of life with a touch of sophistication? The answer may surprise you: Millennials are perfect for Wilton. 

Yes, the so-called “me” generation, often tagged with a (perhaps unfair) reputation for entitlement and associated with the “Occupy Wall Street” movement, is on the precipice of middle age, with the oldest Millennials in their early 40s. There are approximately 72 million millennials in the U.S., of which 39% have a bachelor’s degree or higher. They comprise about 36% of the U.S. workforce and will become the largest demographic group by 2030. With its significant numbers and influence, this generation is actively shaping current economic and social trends.  

One of the most notable economic impacts of the Millennial cohort is on the housing market. Traditionally, the prime homebuying age is the late 20s to early 40s, often driven by life events such as marriage and starting a family. According to Snipp Research, 25% of American mothers are Millennials, and in the coming 10-15 years, 80% of Millennials will be parents, putting this group at the forefront of first-time homebuyers. Coupled with their increasing economic power, Millennials are beginning to significantly influence the housing market, especially in family-friendly communities like Wilton.

According to the National Association of Realtors, in 2023, there was a significant shift in homebuyer demographics, with Millennials emerging as the largest group of home buyers, at 38%, up from 28% in the previous year. They surpassed the Boomers, whose share fell to 31% from 39%, further underscoring the Millennial influence. 

The ideologies of this unique group have been profoundly shaped by pivotal events like 9/11, the 2008 financial crisis, COVID-19, and severe financial market fluctuations. Millenials entered college during a time of skyrocketing tuition costs, often financing their education with substantial debt. Coming of age during the Great Recession left them more financially vulnerable than other generations, leading to delays in traditional milestones like marriage and homeownership. Post-college “boomeranging” became more common.

Unlike Generation X homebuyers, who are more likely to invest in premium properties with high-end features, Millennials are value-conscious and have distinct preferences beyond prioritizing practicality and affordability. They prefer:

  • Smaller Homes: Millennials favor more modest homes over sprawling “McMansions” often vacated by Baby Boomers.
  • Green Features: According to a consumer study from Re/MAX, 66% of Millennials will choose homes based on eco-friendly and energy-efficient features. 
  • Amenities: They value access to outdoor spaces. They seek homes near parks, community gardens, and hiking or jogging trails.
  • Smart Home Technology: This tech-savvy generation often looks for homes equipped with smart thermostats, security systems, and other modern technologies.
  • Flexible Spaces: Millennials value homes with adaptable spaces that serve multiple purposes, reflecting their need for versatility in their living environment.
  • Outdoor Space: Ample outdoor areas for pets and children are a significant factor, driving many Millennials to the suburbs, according to JD Hysen of Millennial Magazine.
  • Investment-Minded: Millennials are future-focused, often choosing areas poised for growth and looking for ways to increase their property value.

Although Millennials may have been late to the homebuying game, they’re now catching up, making waves, and setting their sights on Wilton. Understanding and catering to Millennial preferences is crucial for attracting these buyers. If you’re thinking about selling your home, I strongly recommend considering what upgrades or changes could make your property more appealing to this influential demographic.