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SALT LAKE CITY—Millennials are the next generation of consumers and they have become a driving force in the housing market. When it comes to purchasing their first home, Millennials, also known as Generation Y and New Boomers, have an entirely new set of values and priorities than Gen Xers and Baby Boomers.
Gen Y, typically categorized as those born between 1980 and 2001, is a product of their environment. Millennials came of age during turbulent economic times and saw the values of family homes plummet. Growing up with the internet has given Millennials a strong desire for information and they are deeply in tune with the many options available to them. They tend to evaluate decisions through social media, the internet and friends. Millennials welcome diversity and have an almost universal green streak. A healthy work/life balance is very important to Gen Y.
Surveys consistently show Millennials prefer to live in urban neighborhoods. They look for city centers with a unique sense of community and character.
Given these characteristics, it is not surprising that surveys consistently show Millennials prefer to live in urban neighborhoods. They look for city centers with a unique sense of community and character. Cookie-cutter suburbs hold little appeal. Location rules all. Most Millennials refuse to waste valuable time commuting. They desire housing locations that are close to work, entertainment and friends. Living in a walkable community with access to public transportation is high on the list of priorities. This is a wise lifestyle choice for these information seekers who realize that energy prices are rising and oil supplies are dwindling.
An urban lifestyle also complements the environmental sensibilities of Gen Y. Millennials grew up with an awareness that continued suburban sprawl will put a strain on the environment. Millennials place a great deal of importance on living in a home and community designed to meet green objectives. In addition, an urban lifestyle provides Millennials with peace of mind for a solid future—homes in city centers tend to hold better value than homes in the suburbs.
All of these factors combine to make Millennials the first Smart Growth Generation in America.
All of these factors combine to make Millennials the first Smart Growth Generation in America. The idea behind Smart Growth is to build communities with access to housing and transportation choices near jobs, shops and schools. The goal is to reduce long-distance commuting as much as possible. At the heart of Smart Growth is revitalization—improving areas where development already exists rather than continuing to expand further out from city centers.
Smart Growth has led to the transformation of cities across the nation including Salt Lake City. Mayor Ralph Becker is a charter member of Smart Growth America's Local Leader Council, responsible for building accessibility, sustainability and livability into city policies. Becker has spearheaded one of the most ambitious rail systems in the county and has made the city more accessible by doubling the number of bike lanes, initiating the Greenbike program and focusing on walkability and pedestrian safety.
Salt Lake City has become a robust urban center and a desirable housing choice for Millennials. This solid city planning should continue to help strengthen the housing market and the Salt Lake City economy for years to come.
