The Urban Land Institute surveyed 1,200 Millenials between the ages of 18 and 34, finding that 62 percent want to live in mixed-use developments and 52 percent in pedestrian-friendly neighborhoods. This demographic could be a “game changer” in the real estate industry, especially as a Millenials increasingly desire dwellings near public transportation and prefer downtown apartments more than other generations. “Over time, we’ll see a return to a more compact, metropolitan development pattern,” says ULI Chief Executive Patrick Phillips. “We’ll see less sprawl at the edges … the market will prefer solutions that are closer in.” Although Phillips believes Millenials will prefer compact, urban homes even as they age and that mixed-use development will become more common, some believe the need for a safe and secure environment for their children could prompt them to trade in the urban lifestyle later on. | Read More
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