Real Estate Study Shows Millennials’ Housing Priorities

Posted on: August 5, 2015 by Newmark Insurance

A recent study has demonstrated millennial’s desire to live in close proximity to shops and restaurants. As their population exceeds that of boomers of Gen Xers, it is crucial that your real estate firm is accommodating the millennials. While there are numerous liability obligations of an agent, it is important to consider your client’s wishes to ensure are satisfied customer and reduce your TX Real Estate E&O.

The report, completed by the National Association of Realtors (NAR), found that adults aged 18-34 prefer walking as their primary mode of transportation. Further, this generation prefers to live in attached housing such as apartments and condominiums and have a short commute to work and local restaurants. As such, developing communities that can be navigated by bike or by foot are ideal for this population.

The option and availability of public transit, walking, and biking into the surrounding community all play important roles in determining the right place to live for millennials. For example, 85 percent stated that having ample sidewalks in their community is critical to meeting their transportation desires to allow walking and biking. What’s more, 79 percent also indicated that living close to nearby restaurants and shops is an important factor to consider when buying or renting a home. Women in particular were more inclined to needing shops and restaurants within walking distance at 61 percent.

The role of real estate agents in accommodating this generation’s wishes is critical. NAR President Chris Polychron stated “Realtors don’t only sell homes; they sell neighborhoods and communities. Realtors aid in improving and revitalizing neighborhoods with smart growth initiatives, helping create walkable, urban centers, which is what more Americans want in their neighborhoods. While there is no such thing as a one-size-fits-all community, more and more homebuyers are expressing interest in living in mixed-used, transit-accessible communities.”

As Millennials continue to increase in population, finding accommodating homes that suit their housing desires is critical to your firm’s success. At NewMark Insurance Services, we specialize in providing custom solutions for the real estate industry. For more information on our offerings, contact us today at (855) 777-6549.

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