Will ‘Millenials’ Change the Landscape of US Real Estate?

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