Real estate agents, neighborhoods and communities matter to homebuyers.
According to the National Association of REALTORS (NAR) latest community preference survey, 62% of millennials and 52% of pre-boomers want walk-able neighborhoods/communities even if it means they have to live in apartments or town homes.
Walk-ability translates into independence and autonomy. Walk-ability means being able to go where they want, when they want without having to rely on a car, bus, train or another person to take them. Walk-ability means moving and being outside and it means actually seeing other people “in real time” rather than on screens.
More than half of millennials and pre-boomers report that walk-ability contributes to a community’s quality of life.
– 86% say that having sidewalks is a positive community factor
– 80% say that easy walking distances matter
– 60% say they are willing to spend more on a home to live within walking distance of community amenities they want to have in their lives such as restaurants, cafes, parks, shopping, etc.
These two demographic groups also show similar preference percentages for wanting shorter commutes to work and cultural activities. Multi-use urban corridors seem to be automatics for such preferences.
Unlike millennials and pre-boomers, NAR found that Gen-Xers and boomers show a preference (55%) for suburban living without any real regard for longer commuting times. Parents with school-aged children also want larger homes and yards to accommodate their children. Their trade-off is longer commuting time.
Elizabeth Mendenhall, president of NAR, reviewed this latest community preference survey and said, “…more Americans are expressing the desire to live in communities with access to public transit, shorter commute times and greater walk-ability.”
Seems that life style is beginning to share center stage with pricing when it comes to where and how homebuyers want to settle.
