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Millennials Set to Cause Change in the Future of Housing

As the Millennial generation is starting to have a greater influence on the housing market, some analysts say that the Baby Boomer generation may start showing concern that they will have trouble selling their larger, suburban homes due to the differing of preferences by Millennials.

Housing experts have begun to carefully monitor the younger generation’s tastes in housing and how they differ from that of older generation since the Millennials have been called the key to the housing recovery.

In a recent survey by the Urban Land Institute’s Terwilliger Center for Housing , it is noted that roughly 60 percent of the millennial generation say they prefer a variety of housing choices and prefer to be near shops, restaurants, offices, and transit. It also found that seventy-five percent of Millennials say they value walkability and of the 63 percent of Millennials who say they plan to move within the next five years, around 40 percent say they expect to move to multifamily housing.

“I do think their preferences are going to result in sustained change,” says Lynn Ross, the executive director of the ULI Terwilliger Center for Housing. “This group is so different from previous generations.”

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