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Millennials terrifying home builders!

March 29, 2012

From Slate:

 … boomers and millennials are changing the definition of the American dream and, in the process, have created a pool of demand for housing nearly three times as large as what existed after World War II. The trick is, it’s not for the homes that builders are building. …

Millennials are in the process of getting married and having kids, and according to market surveys, 77 percent simply don’t ever want to go back to the ‘burbs. At the end of the day, traditional subdivisions are isolating and expensive, while millennials are increasingly connected, are more into tech than cars, and are seeing their economic future more like their grandparents’—full of hard work and living on a budget. …

Boomers and millennials, the two largest demographic groups in the country, are converging in a time-of-life moment where what they want is smaller homes on smaller lots in walkable, service-rich, transit-oriented communities.

I’ve noticed a lot of  articles coming in that reflect not just the reasons why our way of living should change – but actually is, backed by data and surveys.  It may be the delayed impact of the 2008 financial crisis and the time it takes for the supertanker of consumption to shift.  And no one can be really sure if this is permanent change.  But something’s happening, Mr. Jones, even if we’re not exactly sure of what.

 

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4 Comments leave one →
  1. March 30, 2012 1:29 pm

    Thanks for all info, which is as thorough as it promising for our cities.
    Two quibbles:

    1. You never define MPC? I’ve been involved in this field for years andcan guess – Metroplitan Planning Committe? Itwould be better if you were overt in defining it.

    2. Yearly on, you cite a stat that 77% of Millemials don’t want to ever return to the suburbs; later you state in a chart that 66% of Gen Y wants to live in small and large lot SFDs (with 31% favoring large lot). What gives?

  2. John permalink
    April 2, 2012 6:06 am

    MPC is master planned community — a real estate designation: large sort-of-stand-alone developments (some are largely residential, others more mixed-use) typically on the outskirts of large to mid-size cities.

  3. April 2, 2012 12:39 pm

    As a millenial I agree wholeheartedly. I will only return to the suburbs kicking and screaming — the traffic, the lack of compactness, the need for a car, horrible public transit in most places. Plus, as a Montrealer, suburbs = potential death by bridge collapse ;)

  4. April 2, 2012 8:00 pm

    Master planned communities are distinct than ordinary local communities and developments for a reason that they feature exclusive amenities and conveniences.

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