If you've ever seen Disney's Aladdin, you might remember the line the genie says when introducing himself: "Phenomenal cosmic power! Itty bitty living space." That may not be quite what most millennials are going for; however, a recent survey has found that they are willing to trade square footage for higher-end amenities when it comes to home buying.

The average size of newly built homes decreased in 2016 from 2,689 square feet to 2,634 square feet - a reaction to first-time millennial home buyers who are ready to commit. In 2009, homes started getting bigger and bigger, along with the number of amenities. Today's first time home buyers are looking for smaller homes, but want the amenities to remain. The data showed that more than two-thirds of buyers are willing to trade size for high quality products and features.

According to the survey, a separate laundry room topped the list of must-haves. Also popular were energy-efficient features, like low-E windows, Energy Star-rated appliances, ceiling fans and programmable thermostats. Beyond that, patios, exterior lighting and a full bath on the main level were also popular on buyers' wish lists.