Are Younger Buyers Redefining What “Dream Home” Means?

The idea of a “dream home” has often meant a large house on a spacious lot, a white picket fence, a 3-car garage, and years of mortgage ahead. But as younger generations—Millennials and Gen Z—enter the housing market, especially in regions like Central Oregon (think Bend, Oregon, Redmond, Oregon, and the surrounding areas), the definition of “dream home” is shifting.

Let’s explore how they’re redefining it, why it matters for buyers and sellers alike, and what it means for the local market.

What Younger Buyers Value Now

✅ Smaller, Smarter Homes

Young buyers are less focused on raw square footage and more on efficient, well-designed spaces. According to a recent article, “52% of Millennials would rather have a smaller, better-built home with more amenities than a larger one with fewer amenities.” New Home Source+2embrygrouprealestate.com+2

Quality over quantity is emerging as a dominant mindset.

✅ Flexible, Multi-Use Spaces

· Home offices are now nearly a must — remote and hybrid work are here to stay. Jim Allen Group+1· Spaces that adapt — a guest room that becomes a gym, a dining area that doubles as a workspace — are increasingly valued. embrygrouprealestate.com+1

✅ Location & Lifestyle Over Size

Younger buyers often place more emphasis on walkability, amenities, and community than on a giant home in a far-out suburb. Proximity to trails, local coffee shops, parks, and high-speed internet matter. New Home Source+1

✅ Sustainability and Tech Built In

Eco-friendly homes, energy-efficient systems, and smart home features are major factors. Younger buyers are asking for solar readiness, smart thermostats, and efficient layouts. NERDBOT

✅ Affordability & Long-Term Value

Given high home prices, higher student debt and slower wage growth, younger buyers are pragmatic. They want homes that make financial sense now and down the line — fewer renovations, lower utilities, and less “house-poor” risk. PropertyTalk+1

How This Impacts the Central Oregon Market

For Central Oregon sellers and agents, this shift matters:

• Homes in Bend, Redmond or the outskirts that are move-in ready, tech-equipped, energy efficient, and in walkable, amenity-rich neighborhoods may command more attention from younger buyers.

• Larger homes with more land may still have strong demand — but among younger buyers, they’re often considered “upgrade homes” rather than first homes.

• Marketing matters: Emphasize home office space, outdoor living, fiber internet, low-maintenance yards, rather than just “lots of space.”

• Neighborhoods offering lifestyle amenities (trails, proximity to downtown Bend, coworking hubs) may become more sought after by younger buyers who value flexibility and experiences.

Yes—younger buyers are redefining what “dream home” means. The big house in the outlying suburb may still have appeal, but for many Millennials and Gen Z buyers in Central Oregon, the ideal home is one that fits their lifestyle, budget, and values: efficient, connected, flexible, and located in a thriving community.

If you’re selling or buying in Bend, Redmond, or the surrounding region, understanding this shift can give you an edge—whether you’re positioning a home to attract younger buyers or tailoring your own purchase strategy.

FAQs

Q: Do younger buyers still care about homeownership, or are they delaying it?

A: They do care—but many are redefining what counts. Homeownership remains a goal, but what they want in a home has changed. KW Appraisal Group+1

Q: Does this mean larger homes are losing value?

A: Not necessarily. Larger homes still hold value—especially in the right location or for families. But expect more competition and the need to show added value (tech, efficiency, location) rather than just square footage.

Q: For older generations, the dream home meant more land and space — is that gone?

A: It’s not gone, but for younger buyers it’s less of a priority. They’re often willing to trade some space for better location, less maintenance, and lower cost.

Q: How should sellers adapt if they want to appeal to younger buyers?

A: Stage/market with flexible spaces (home office, gym), highlight energy‐efficiency, smart home features, local amenities, and low maintenance. Make sure the property appears modern, connected and ready for today’s lifestyle.