Posted in Industry News
Millennials Building Homes In The ’Burbs
While you may picture this younger generation opting for urban condos, new reports show otherwise. According to a recent article in U.S. News & World Report, a majority of the Millennials who purchased new housing last year bought detached single-family houses in the suburbs – and purchases of urban condos fell by 4 percent.
While Millennials are moving to the suburbs for safer neighborhoods and better schools, they’re also seeking amenities that many Boomers didn’t require, like nearby yoga studios, health food stores, and parks. Unlike Boomers, Millennials think it’s crazy to spend an hour or more commuting to work in both directions. Many will likely be gravitating toward suburbs of second-tier cities like Raleigh and Nashville, rather than metropolises like New York and Los Angeles.
Architects and builders across America are beginning to give Millennials what they want, where they want it. The construction industry is realizing what retail stores have known for years: the top three success factors are location, location, location. Whether you are in the commercial or residential building industry, you may want to keep an eye out for those suburban cities where Millennials are flocking.
This information and the websites identified above are provided solely as a convenience to the reader. They are not intended to state or imply that the editors of Engineered Wood or LP Building Products sponsor, recommend, endorse or are affiliated or associated with the companies or products listed.