Where Do Millennials Want To Live?

By mousa

When you’re starting your real estate venture, it’s important to consider not only location for where your purchased home or property will be, but who you think would consider buying or renting out your home. If you’re looking to spruce things up and keep things modern, you may want to reconsider how to target towards the younger generation.

The pro’s of high density development areas

Odd’s are that if you think of a high density developed area, the first location that will come to mind is an area in Detroit such as Midtown. However, these high density development areas are not just popping up in major cities. All around Metro Detroit companies are building new roots and finding ways to get closer to their customers.

Millennials are starting to move out of areas such as New York City and San Francisco, in search of more affordable areas. However, they’re not willing to give up the luxury of walkability and easy access to businesses. These are the two things you should look for when searching for a high density development area. 

Walkability will increase your market value

It turns out that the higher your walkability score is, the larger value your home will be. Recent research has shown that walkability near your property can increase value on your home up to $3,000. Additionally, the correlation between walkability in your area and a busy business development is also a factor to consider. Don’t rule out a busy area with high foot traffic anymore, as it could be the difference between renting to a tenant or having a vacant lot.

Suburbs are taking on a new form

While the younger generation is moving away from the most expensive cities, they’re not exactly looking for the white picket fence out in the suburbs quite yet. The idea a suburb is starting to change for the millennial generation. Trends are starting to show that smaller cities that mimic the appeal of a big city (i.e. lots of walkability, transit options, etc.) are becoming more desirable to a younger group of renters.

Additionally, with the increase in technological advances coming to cities across the country, the idea that an area is easily accessible and convenient is high on the list of millennials who are looking to move.

Keep these trends in mind when searching for your next home or development project. Neighborhoods you may not have considered before may actually start surprising you!

Next Post

    Latest Posts

    The words 2024 Trends over a green background with a magnifying glass

    Navigating the Detroit Real Estate Trends in 2024

    Read Full Post
    Young couple dreaming of their new home grinning as they hold up a builders ruler shaped as the frame of a house

    How To Keep Your Homes Filled With Tenants

    Read Full Post
    Businessman handing someone a key with city overlay

    What Does Turnkey Property Management Do?

    Read Full Post
    A man conducting research on a laptop and holding documents

    Detroit Property Manager Tips: The Power of Location

    Read Full Post

    Subscribe To
    Receive The Latest News

    Similar Posts

    By mousa  |  May 27 2015

    What Properties Should Be In Your Real Estate Portfolio?

    When it comes to adding and acquiring properties to your collection of real estate in Detroit, how d...

    By mousa  |  May 25 2015

    How To Write Rental Ads That Will Keep People Knocking At Your Door

    There is a fine balance between both the logical and emotional sides of our brain when are looking a...

    By mousa  |  Jul 12 2014

    The Week In Detroit: Commercial Property Purchases

    Over the past few weeks, it’s been challenge to open up the paper and not see someone snatching up p...