According to Denver Post’s Aldo Svaldi, the nation’s largest generation is starting to show signs of interest in suburban living. Trading up fast paced downtown styles, Millennials have been recorded to retire to more pragmatic and family-orientated homesteads. At 83 million strong, many have wondered if this generation would seek for less dense and spaced out living arrangements.
Joel Kotin of Chapman University debates that, “the strongest population gains are coming in the suburbs, not the big cities. For every one millennial that settles in an older urban area, another four are moving into the suburbs, where homes are more affordable.” (Svaldi, 2020). Which aligns with the goals set out by the couple Burak and Julie Yorumez, who have recently moved to the outskirts of Denver into a recently constructed community Development, Sterling Ranch, near Chatfield Reservoir. “I thought I was going to live there forever,” said Julie, giving up their merged condo in the iconic Brooks Tower Residences, they have found themselves with a single-family home complete with a yard. This kind of move is setting off flags to all sorts of analysts who are trying to decipher where the demand on increased density lies.
Jason Shepard, a partner at Denver-based Atlas Real Estate argues, “The data unequivocally points to Millennials wanting to live in urban settings… The lifestyle of living closer to the urban core, less commuting, of going with smaller space is a tailwind that will remain.” (Svaldi, 2020). Meaning the demand for these types of housing and lifestyle will always be a main mover in the real estates industry but this has not changed for a long time as its accessibility remains for those who aspire function and affordability. But for those with the means and the circumstances, like the Millennial generation, fleeing to the suburban neighborhood is now a strong interest.
Data from urban studies expert, Richard Florida, of CityLab states that, “young adults are fueling a renaissance in the nation’s inner cities, drawn to the perks that come with density.” (Svaldi, 2020). Many analysts have argued that proximity to work, walkability, and community entertainment were the focal points the now aging generation was drawn too. However, the opposing perspective acknowledges that those wants were derivative to bad housing and inflation in the past – making the choice for most.
However, the experience the Millennial consumer has faced shows that it has created a new type of community desire which is attempting to combine the perks of the ubran living with the spacious calm the suburban neighborhoods have to offer. The Urban Land Institute from their Emerging Trends in Real Estate report for 2020, have coined the term – hipsturbia – for the crossbreeding of these two neighborhoods. Wanting the best of both worlds, Millennials are shaping the new cul-de-sac from the 1970s and 1980s by creating micro-communities with walkability, school districts, and safety as the driving factors.
We still can confirm that the market is fluid, but even more, the largest generation in the nation is making waves shaping a new type of suburban living which calls back to the days of old of neighborhood block parties and updating it with modernity found in density conscious developments.
Emerging Trends in Real Estate. Urban Land Institute. Retrieved from https://ulidigitalmarketing.blob.core.windows.net/emergingtrendspdfs/ET2020FallMeeting.pdf
Svaldi, A. (Feb. 10th, 2020). More millennials are considering the unthinkable: Life in suburbia. Denver Post. Retrieved from https://www.denverpost.com/2020/02/10/denver-millennials-considering-suburbs/?trk_msg=APEC19SOGSK431N23CFQA5NC7S&trk_contact=IKFGJQMNHPH3SJ8EIJOO1OTCBC&trk_sid=LSFHK2T7TMS1I8TJS81JRRTGVK&utm_email=A4CD940954DB94B50490351393&utm_source=listrak&utm_medium=Email&utm_term=https%3a%2f%2fwww.denverpost.com%2f2020%2f02%2f10%2fdenver-millennials-considering-suburbs%2f&utm_campaign=denver-mile-high-roundup&utm_content=manual