This month, the National Association of Home Builders published a survey about housing preferences for “millennials,” those born after 1977. The survey was designed to determine if this generation wanted to live in urban settings like downtown lofts, or if they had a preference to follow in the footsteps of the majority of their parents, residing in the suburbs.
The survey found that sixty-six percent of millennials would prefer a single family home in a suburban area, even if they currently reside in an urban area. The surveyors have indicated that “while you are more likely to attract this generation than other generations to buy a condo or a house downtown, that is a relative term. The majority of them will still want to buy the house out there in the suburbs,” largely because they “want to live in more space than they have now.” Developers should take heed of this research in deciding where to locate their next development.
Contact Brighton Escrow for more information.