More and more millennial's are moving out of urban environments and the city into suburban lifestyles. No, this isn't a rush on cookie-cutter homes because millennial's are running far from that type of confined lifestyle. The media often suggests that the suburbs are boring at best but suburbia is changing. Many young professionals and young families are giving the suburbs a second look according to a new article by Forbes magazine. Many of these millennial's have never seen themselves living in such a neighborhood but more and more there's been a decline of millennials living in big cities and an ongoing reshaping of suburban, multigenerational communities.
This isn't just with the onset of COVID-19. Sure, more people are working from home than ever before but even with people retreating to their vacation homes, backyard offices, and over the garage living spaces, suburban living is on the rise.
We've heard the term "boomers", which refers to baby boomers and in the past, this demographic has dominated the suburban neighborhoods with their 3 to 4 bedroom homes on a 10,000 square-foot lot. But with more of this demographic retiring, downsizing, or "smart sizing" this opens up a wealth of properties for the next generation. However, there is one major change… A lot of millennials are not having kids.
According to the article, today's birthrate is at a record low. "The demand for the current stock of Boomer homes, typically older and larger, especially homes of massive proportion, is not likely to accelerate until the boomers and generation Xers kids decide to have their own kids."
Apartments, condominiums, and garden communities in the suburbs are becoming increasingly attractive to both the younger and older generations. Multifamily developers are finding that housing options rich with amenities and villages complete with services are the new generation of buyers regardless of age.
Homebuyers are looking for more urbanesque design attracting folks that like city life and having it all right at your doorstep including walking to the grocery store, being close to your favorite coffee shop, restaurants, and meeting friends.
Because of this, many suburbs are also getting a makeover. Mini town centers are being developed complete with restaurants, shops, markets, exercise facilities and bars. The construction of apartment condominium units in suburban Chicago is reported to rival the number of units being built downtown. Developers are definitely responding to the desire of millennial's for a little bit more space, amenities, and that tightknit community atmosphere without giving up urban living altogether.
Typically, people live in the city to eliminate travel costs and the hassle of owning a car, but with more of us working from home, access to transit lines, and easy commutes, the mobility options for living in the suburbs is becoming more affordable. With the growth of mixed-use suburban developments and accessibility, millennial's, as well as generation Xers and baby boomers, are all finding comfortable homes in suburban neighborhoods.
This is what we love. We specialize in northwest Indiana communities such as Portage, Dyer, Hammond, and Gary. Would love to help you find the right suburban home for your needs, your budget, and your lifestyle. Contact us at any time to learn more.