Tuesday, January 25, 2011

Housing: What Generation Y Wants

by Calculated Risk on 1/25/2011 06:59:00 PM

From Patrick Coolican at the Las Vegas Sun: Generation Y wants housing Las Vegas has in short supply

[D]evelopers filled the valley and made piles of money with suburban tract homes that carry little appeal for the next generation of housing consumers, according to an emerging body of survey data of the so-called Millennials or Generation Y.

That’s the generation — about 80 million strong, which is larger than the postwar Baby Boom — born from about the mid-1970s to the early 2000s.

At the recent homebuilders trade show in Orlando, Fla., Melina Duggal of the real estate consulting firm RCLCO laid out the data on the next generation of housing consumers. Her firm asked young renters where they would move to if they had the opportunity. More than 80 percent said they would choose an urban area, or a suburban area that qualified as “urban lite,” such as Arlington, Va., or Bethesda, Md. These are suburbs that feature walkability and easy access to urban amenities.
As Patrick notes, this preference for urban living can partially be explained by their current age:
"[T]hey may want the urban experience now, but eventually they’ll marry and have children and want to live near good suburban schools and have a bigger home with a yard."
Maybe ... I'm not in Generation Y (or even close), but I desire walkability and to be close to some urban amenities. Maybe tastes are changing.