Industry Update – MillennialsPosted 07/27/2015
Other than the Baby Boomers, you would be hard-pressed to find a more-studied demographic in history than the Millennial generation. From retailers to employers, to newspaper publishers to homebuilders, it seems just about everyone has taken a crack at dissecting the moves and motivations of this influential group of consumers born in the 1980s.
Like each generation before them, Millennials have no shortage of preferences unique to them. But, now, we’re learning they might have more things in common with their Gen X and Boomer predecessors than we previously thought – at least in terms of where they choose to live.
According to a recent nationwide study completed by TriPointe Group in conjunction with our Responsive Home partners and Ketchum Global Research and Analytics, the preconceived notion that Millennials overwhelmingly prefer the city over the ‘burbs is — pardon the pun — an urban legend. Of the 500 who participated in the study, 53 percent said they prefer suburban living to urban or rural living, and 83 percent said they’d rather have more space in a less populated community.
This jibes with an Urban Land Institute report released earlier this year, which found that only 13 percent of the Millennials surveyed live in or near a downtown area. “Therefore, even though in-town Millennials are much discussed by journalists, they are not representative of their generation, as a whole,” the report authors wrote.
Additional observations have noted that while Millennials are moving out of the city, they’re not necessarily settling for a quiet rural or suburban life. Instead, they are making their mark on smaller communities outside the urban core that have similar qualities to downtowns – density, mass transit, walkability, and great places to hang out – without the high price-tag of city housing.
There’s no doubt that as this generation continue to age and mature, just like their parents before them, we will see even greater shifts in their preferences across the board as they forge their own version of the American Dream.
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