We’ve heard how young home-buyers prefer “walkable urban” communities where they can easily access shopping, restaurants, parks etc. on foot. Of course, most of such neighborhoods are in cities and many cities are out of the affordable range of millennial buyer.
Not surprisingly, Housing in the Evolving American Suburb by the Urban Land Institute finds that 79 percent of the U.S. population lives in suburban and bedroom communities. Interestingly, 79 percent is exactly the same percentage of the San Francisco-Oakland-Hayward metro area while the San Jose-Sunnyvale-Santa Clara finds 58 percent of residents living in the suburbs.
Millennials cited adequate space, commute time and freeway access, and quality schools as prime characteristics when looking to buy. And, of course, affordability.