Developers hoping to capture a share of the reluctant millennial homebuyer market should consider building attached homes within walking distance of shops and restaurants and near public transportation, according to new survey results.
While Generation Y prefers walking over driving more than any other generation, walkable communities are growing in popularity among Americans of all ages, according to the 2015 National Community and Transportation Preference Survey, released on Tuesday by the National Association of Realtors. 48% of respondents said they preferred a smaller yard over a longer driving commute.
During a week when Congress is expected to take action on a significant transportation funding bill, the survey also revealed that 83% of homeowners believe maintaining and repairing roads and bridges should be a high government priority. They also said they support expanded public transit and convenient alternatives to driving.
The preference among young adults for living in mixed-use, walkable communities that limit commuting distance has convinced a growing number of homebuilders and developers to concentrate their entry-level product in urban communities created in near-in suburbs.
Town center-style neighborhoods that combine multifamily housing with plentiful entertainment, shopping and dining options have emerged as favorites both for young adults who prefer to rent and for those who are ready to purchase their first homes.