With Baby Boomers and even more so with Millenials, transportation seems to be a growing factor in the classic "Location, location, location" value equation for real estate.
This article on The Atlantic Cities site highlights a couple of new studies that look at where Millenials want to live and what they value when it comes to picking a place to call home. It is interesting to see just how much the reported values differ from previous generations, and how little the traditional "suburbia" of the last 60 years appeals to this new and very large cohort.
In the first study, here is what the Millenials said:
- 54% would consider moving to another city if it had more or better options for getting around.
- 66% said access to high-quality transportation is one of the top three criteria for deciding where to live.
- Nearly half of those who owned a car said they would consider giving it up if they could count on public transportation options.
- 86% said it was important for their city to offer opportunities to live and work without relying on a car.
Michael Myers, Managing Director at the Rockefeller Foundation sums it up like this:
"This survey reinforces that cities that don't invest in effective transportation options stand to lose out in the long-run. As we move from a car-centric model of mobility to a nation that embraces more equitable and sustainable transportation options, Millennials are leading the way."
The second studyqueried both Millenials and Baby Boomers and found that both group want many of the same things:
- Better transportation options
- Walkable communities
- Technology-enabled cities
- Housing that would allow “aging in place.”
The study also found that...
68% of respondents believe the U.S. economy is fundamentally flawed, and that the path to prosperity lies in building up local communities—not through recruiting companies but by concentrating on these same basic elements of desirable places to live.
Interesting trends to watch.