Generation Y Wants the Dream Neighborhood, Not the Dream Home

Generation Y** (or Gen Y) is much more interested in living in a neighborhood that they like rather than a home that they love, according to Neil Takemoto, founder of Cooltown Beta Communities, a company focused on “crowdsourced development of places with significant economic, environmental and social benefit.”
Takemoto’s reasoning hinges on the theory that this generation is “motivated by experiences not consumption or home size” and they will opt for smaller homes and apartments that are less expensive, so that they might have more money to enjoy those experiences.
Here are some other theories of Takemoto’s, a few of which are based on information from the Canadian housing study Drivers of Apartment Living in Canada for the Twenty-First Century:
- Micro lofts are the new McMansions i.e. 250 to 270 square foot units.
- If you have attainably-priced, walkable, urban, transit-oriented two-three bedroom apartments and micro lofts, Gen Yers are ready to move in asap.
- For Gen Yers, driving isn’t part of the American Dream anymore. Being connected is. That means walkable and transit-oriented, and that means downtowns and cities.
For more insights from Takemoto, click here.
**(Generation Y is a loosely applied label to people who were born between 1980 and 1990.)
See other articles related to: smaller homes, generation y
This article originally published at http://dc.urbanturf.com/articles/blog/generation_y_wants_the_dream_neighborhood_not_the_dream_home/2739
Most Popular... This Week • Last 30 Days • Ever

When Johnsie Walsh rented a unit in her Stanton Park apartment building, she had no i... read »

The draft environmental impact statement for the transportation project expected to g... read »

An analysis by UrbanTurf found that there were 15 neighborhoods in DC where the media... read »

The project is the first Rosslyn high-rise that will include affordable units.... read »

Tysons Corner also comes in tenth nationwide in number of apartments built since 2016... read »
- Obama, The Tenant: A Chat With The President's DC Landlord
- 300 MPH, 18 Million Riders: How the Maglev Might Impact Traffic and Transit in the DC Area
- DC Has Its Most Million-Dollar Neighborhoods on Record
- Arlington County Approves 740-Apartment Ames Center Site Redevelopment
- 2,562 New Units: Tysons Tops DC Suburbs in Apartments Built
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro
23 Comments