Millennials have a different outlook on communities and living practices than their predecessors. Because their salaries afford them less purchasing power than the Baby Boomer generation, many are only now starting to look into the possibility of becoming homeowners.
However, rather than pursuing the typical “American Dream,” which entails a large home with a small, manageable yard, and a two- or three-car garage, Millennials are after something else. Their priorities include smaller, more sustainably built communities, and walkability is a must. Millennials want a living environment built around people, not cars, and these tendencies are slowly shifting trends in the housing market.
Let’s explore more about Millennials’ interest in sustainable communities and how homeownership is expected to change in the decades to come.
What Exactly are Millennials After?
So, what exactly is it that sets Millennials apart from their parents and grandparents? In part, it’s their values — today’s world is highly globalized, and yet it’s difficult for young people to make meaningful connections with their peers, due in part to dispersed family models and the lack of local communities.
In highly individualistic Western societies, privacy is valued above all, which has cut into community bonds. In an attempt to