The Millennial generation is showing different housing preferences than previous generations, and some analysts say that Baby Boomers may be growing concerned that they will have a tough time selling their suburban, larger homes due to the Millennials’ differing tastes.
The Millennial generation has been called a key to the housing recovery, and housing experts are taking careful note of how the younger group's housing preferences differ from previous generations.
A new survey by the Urban Land Institute’s Terwilliger Center for Housing shows that about 60 percent of the millennial generation say they prefer a mix of housing choices and prefer to be near shops, restaurants, offices, and transit. Seventy-five percent of Millennials say they value walkability. Of the 63 percent of Millennials who say they plan to move within the next five years, about 40 percent say they expect to move to multifamily housing.
One of the biggest obstacles facing this generation is student loan debt. Fifty-four percent of those aged 22 to 32 said that debt is their biggest financial concern. Forty-two percent referred to their debt as “overwhelming.”
Source: “Home Loans for Millennials,” The New York Times (June 13, 2013)
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