11 Jul The New Number One Housing Must Have: Walkability
The question used to be ‘How short is my drive to the mall?’ and now it’s ‘What shops, restaurants and parks are within a 5 to 10 minute walk of my home?’
The housing X factor in Generation X housing trends was suburban space, and the Millenial housing must have is “walkability.” My peers fled the city for suburban sprawl, settling into homes we could not afford to furnish. My young clients, on the other hand, are foregoing square footage in exchange for finely finished space in the right location, location, location.
The way of the new first time home buyer is definitely pristine proximity. They are also willing to go that ‘extra block’ and pay what was even as recently as last year, the top per square foot price for locations that were in recent years offered at lower prices.
For example, we are seeing prices push up south of Benton Park, east of Compton, and one more block off Cherokee into Marine Villa. Milllenials are urbanites to be sure, with no sign of compromise. If the trend continues, we may see prices push even further over the next few years in those neighborhoods offering the local lifestyle millenials crave.