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.)
This article originally published at https://dc.urbanturf.com/articles/blog/generation_y_wants_the_dream_neighborhood_not_the_dream_home/2739.
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First Timer Primer, we take a closer look at what you are actually... read »
To help home buyers and sellers both novice and seasoned, UrbanTurf is running a seri... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
Developer Akridge has released new images of their planned Burnham Place development ... read »
New plans filed with Arlington County last week provide the first renderings for The ... read »
In Southwest DC, all eyes are on a handful of sites where development has long been a... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro