A recent national survey conducted by the New York Times suggests that the new generation of home owners is shifting its interests to a more urban-styled preference. The majority of those surveyed preferred attributes such as walkability, a wide variety of housing choices, and nearby shopping, restaurant and transportation options. This new wave of young adults, also known as the Millennials, differs drastically in their preferences compared to the many older residents from the baby boomer generation. How it will affect nation-wide real estate will be very interesting.
Why Such a Sudden Change?
The majority of this new generation is burdened with excessive student loan debt. This transfers to their city-like preferences in real estate because the demand for jobs is considerably higher in more populated areas. In addition, the amount of licensed drivers has dropped considerably in their generation so good walkability is a must when choosing a property to rent or purchase.
Victims of Hard Times
The Millennials are being compared to those who had to endure the Great Depression. The group consists of people who are 18 to 34 and must deal with a wide array of financial burdens. Beside the mounting college loans they must make payments for, the recession, rising unemployment rates and stiff competition for jobs make the younger generation comparable to the people of the 1930’s. It is hard to tell what direction the Millennials will branch off toward, but the amount of home owners for their age is dwindling. Perhaps small, inexpensive apartments are what they must deal with at the moment.
Rural Homes Are Not Going To Be Left in the Dust
While factors such as student loan debt, high levels of unemployment, and lasting repercussions of the recession drive people to search for homes located near urban areas, the Millennials are also interested in suburban developments. While there is a greater chance that younger potential home owners may be searching in the city, they will also be looking at suburban houses that many older residents from the baby boomer generation will be looking to sell. With everything said, there is not enough information yet about this recent shift in preferences. The Millennials are too new of a generation to conclude anything drastic about the real estate market.
The real estate market is a continually changing industry. It is important to consult those who have valuable experience in the field, especially if you are going to be a first time home owner. Housing Helpers can assist you with buying a new home while offering you a diverse selection of properties to rent or purchase in Colorado. Top of the line advice concerning selling your home is also available. If you are interested in real estate, please do not hesitate to contact us at (303) 545-6000 and one of our Real Estate Agents will be happy to assist you with any questions you may have about our services.