January 18, 2017
As the interest in urban housing in metropolitan areas balloons, it is becoming clear that urban-style amenities are at the top of the list of must-haves for both Home buyers and renters. Home-Buyers and seekers are now looking for functional spaces with surroundings that complement their busy lifestyle. Our advice on What Matters To Home Buyers, is best explained with a few of the key characteristics that are becoming increasingly vital to individuals looking to rent or purchase a new home:
A survey released by the National Association of Realtors and Portland State University, walkable neighborhoods are increasingly high on the list of must-haves for members of the largest generation in American history: Millennials. As more and more Millennials enter the housing market, developers are beginning to pay attention to their needs, and are responding accordingly. Compared to 38 percent of Baby Boomers, more than 50 percent of Millennials indicated that the ability to easily walk to places “such as shops, cafes, and restaurants,” and other urban amenities are “paramount” when considering housing options.
Proximity to work
Nothing spells time wasted to a Millennial like an unnecessarily long commute. Today’s homebuyer would much rather spend time friends and family, or otherwise doing things that improve the quality of everyday lives, rather than commute long distances to and from work. People used to be more inclined to settle outside of the city to benefit from better schools, be closer to other family members, or to own a larger piece of land, but as these features are becoming more accessible in metropolitan areas, people are increasingly opting to live in the heart of the city.
For many Millennials, diversity is a necessary part of a fulfilling and enlightening life. They thrive on the opportunity to immerse themselves in other cultures and to achieve a deeper comprehension and appreciation of their heritage. Culturally diverse neighborhoods present experiences that invite the community to explore and appreciate other cultures through cultural celebrations held throughout the year, ethnic restaurants, and local programs. Communities that offer a variety of multicultural experiences and provide glimpses into other regions of the world are more popular than ever before.
Access to Public Transportation
With short commutes and walkable neighborhoods high on the priority list, it should come as no surprise that today’s renters and buyers are interested in areas that have easy, reliable access to public transportation. Transport is highly critical in real estate and housing decisions; residential real estate near public transit will remain attractive to buyers.” As more people settle in metropolitan areas, this trend is unlikely to change anytime soon.
Today’s home buyers and renters are increasingly demanding urban amenities that fit their lives and not the other way around. Whether telecommuting, catching a quick train to work or enjoying a festival that celebrates the culture of their neighbors, Millennials, and other house hunters are on the lookout for neighborhoods with characteristics that meet their everyday needs and contribute to their quality of life on a regular basis.