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

    Road to Wealth with an arrow pointing ahead, building wealth through real estate investing concept

    How To Create Wealth Through Real Estate Investing in Detroit

    Read Full Post
    City view from condo balcony, types of Detroit investment properties concept.

    Best Detroit Investment Properties? Single Family, Condos, or Duplexes

    Read Full Post
    Law items on a table, concept of property management tips for landlord legal responsibilities

    Property Management Tips: 10 Legal Things Every Landlord Must Know

    Read Full Post
    Learn and icons sketched on white, real estate investing courses concept

    Our Insights Into Finding Your Perfect Real Estate Investing Courses

    Read Full Post

    Subscribe To
    Receive The Latest News

    Similar Posts

    By mousa  |  Dec 12 2014

    Investing Without The Cash

    Have you considered investing in real estate without putting up a down payment? You may think it’s a...

    By Own It Detroit  |  Jul 9 2021

    More Tenants In Your Detroit Investment Property Than On the Lease? Here's What Landlords Can Do

    Did you find out unauthorized people living in your Detroit investment properties? Whether it's a ne...

    By mousa  |  Apr 17 2015

    10 Things To Do When You’re Ready To Buy a Home

    Have you found your perfect piece of property? Convinced that this is one that is going to set you d...