WALKABLE COMMUNITIES DRIVE HOMEBUYING DECISIONS FOR MILLENNIALS, SILENT GENERATION
Condo or single-family house? Southside or St. Elmo? Hixson or Red Bank? Ooltewah or Ringgold? New construction or fixer-upper? Identifying their preferences for the type of home and neighborhood to live in are typically among the first things potential homebuyers do. Debating between the convenience of a short commute versus the spaciousness of suburban living can be challenging when deciding upon the right home. Greater Chattanooga’s housing market continues to be strong and develop as millennials are entering the housing market more than in previous years.
In the home buying process, understanding the preferred characteristics of a neighborhood can be as important as those of a home. Whether it’s a suburban single-family home in Ooltewah with more schooling options for children or a townhouse in downtown Chattanooga with better access to public transit, Realtors® - members of the National Association of Realtors® - can help homebuyers identify the communities that best serve their preferences and needs.
The National Association of Realtors 2017 National Community and Transportation Preferences Survey polled adults from across the U.S. about what they are looking for in a community and found that young buyers continue to view their dream neighborhood as a walkable, mixed-use community. In fact, according to the survey, six out of 10 millennials prefer walkable communities and short
commutes, even if it means sacrificing living in a larger home with space to stretch their legs. The Southside in downtown Chattanooga and the recently revealed plan for Lupton City are perfect examples. It is not surprising that younger buyers prefer the convenience of a neighborhood close to work and enjoy living near amenities like restaurants and retail. Real estate professionals continue to see a trend in millennials moving to areas where they don’t have to be in bumper-to-bumper traffic and can get around during their free time with little stress. CARTA’s free electric shuttles plus convenient access to renting a bicycle by the hour or day through Bike Chattanooga stations scattered in and around downtown add to the appeal for investing in a home in city limits.
Millennials are not the only generation of homebuyers, however, that prefer walkable, mixed-use neighborhoods. Members of the silent generation, those born before 1944, also prefer smaller homes in neighborhoods with easy walks to shops and restaurants. Over 50 percent of the silent generation prefer walkable communities and short commutes, even if it means living in an apartment or townhouse.
Gen-Xers and baby boomers show a preference toward suburban living, with 55 percent of both groups saying that they are comfortable with a longer commute and driving to amenities if it means living in a single-family, detached home.
Homebuyers with children tend to shift their priorities when their kids get older. According to the report, six out of 10 millennials with kids in school characterize the ideal neighborhood as more of a conventional suburban area with homes containing more square feet and larger backyards.
As ever-changing preferences distinguish where consumers want to live, Realtors provide insights on local market conditions and amenities for every generation to help find the most suitable and desirable home for themselves and their family.
Contact Greater Chattanooga Realtors or visit www.gcar.net to speak with a Realtor, a member of the National Association of Realtors®, for information and advice about buying or selling a home in 2018.
Greater Chattanooga Realtors® is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors service Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423.698.8001.