Renting With a Desire to Buy: A Look at ULI’s Millennial Survey

• November 3, 2015

by UrbanTurf Staff

The demographic that virtually every industry seems to be obsessed with these days is the millennial generation. The DC chapter of the Urban Land Institute (ULI) recently surveyed this age group in the region on a variety of topics including housing and transportation.

The survey analyzed responses from approximately 1,350 residents in the DC region between the ages of 20 and 37. (For what it’s worth, UrbanTurf thinks the cut-off age of 37 is a little high for inclusion in the millennial generation.)

The takeaways from the survey were many, but by and large, the generation in the area rents, but wants to buy, does not need a car to get around, prioritizes walkability, and plans to stick around the region for awhile.

A few highlights from the survey:

• 67 percent of those surveyed currently rent, and 46 percent plan to buy a home in the next three years.
• 13 percent of those that rent live in studios; 38 percent live in one-bedrooms.
• Just over half of those surveyed have rents below $2,000 a month.
• 60 percent of those surveyed want to remain inside the Beltway for at least three years;
• Although two-thirds of those surveyed own a car, a higher number of respondents say walkability is the best attribute of where they live, and 65 percent said Metro access is among their top three reasons for selecting or staying in their current location.
• 60 percent of homeowners surveyed lived in DC; 17 percent moved into DC from the suburbs.

One of the main takeaways from the survey, perhaps unsurprisingly, focused on housing affordability. From ULI:

One limiting factor is housing affordability. One quarter of the renters surveyed have roommates, though half of them would prefer to be living alone. When asked whether they could find the type and size of housing unit they want, at a price they can afford, inside the Beltway, 58% of the renters say no, they would have to move further out. The high cost of housing in the District and the close in suburbs is the most critical factor limiting the potential for Millennials to stay. Their desire for homeownership is strong; but even well-educated, hard working, 30-somethings have finite resources.

Of the survey respondents, 61 percent live in DC and the remainder in Virginia and Maryland zip codes inside the Beltway. To view the entire survey, click here.

This article originally published at http://dc.urbanturf.com/articles/blog/renting_walking_and_staying_put_a_look_at_ulis_millennial_survey/10541