Many Millennials believe settling down in the suburbs is not an ideal option for them. They will go to any length to live the thrilling city life.
With skyrocketing housing prices and rising rents eating up the majority of paychecks, stories abound in the media of non-traditional and not-so ideal living arrangements some millennials are choosing, just to get ahead and avoid suburban living. For many it feels that there are no other options to finding affordable housing close to the office and city life. This has resulted in some less than ideal living arrangements. Some Millennials are resorting to living in renovated shipping containers, box trucks or vans. These arrangements may be the best some can do with what they have, but for most, not a great long term plan.
Suburbia as we know it is changing. However, based on what we’re seeing, SUBURBIA IS FAR FROM DEAD!
That is not to say that parts of suburbia aren’t dying, like McMansions and old-fashioned, sprawling malls. But the fact is, suburbia is poised to grow and thrive as never before as the Millennial generation redefines the American Dream of homeownership and what that ‘home’ should look like.
One response to the demands of this generation is the widespread development of ‘surban’ neighborhoods.
You may ask, “what the heck is a surban neighborhood?” These neighborhoods are defined as “suburban areas that have the feel of urban living, with walkability or short commutes to work and great retail from your home.” These areas combine the conveniences and energy of an urban environment with more affordability and space available in the suburbs. Developers tend away from strip malls and big-box stores and seek to attract local retailers and boutiques.
Where once young, upwardly mobile professionals desired large, gratuitous homes in the ‘burbs, young professionals now desire more community and living in smaller, more affordable, environmentally friendly spaces. Instead of long commutes they desire communities where they can walk, bike or take a short mass transit ride to work.
This new suburbia can be an affordable option that offers the community and proximity between work, home, entertainment and shopping that is so desirable. These communities often also offer lifestyle amenities like community gardening or social gatherings to bring residents closer in new ways.
Homeownership can be an important piece of your long term financial stability so consider what you value most in life and whether living in a ‘surban’ environment could be the right move. These neighborhoods are popping up across the country – from the Bay Area to L.A. to Texas to Chicago and D.C. – in many highly desirable areas like right here in surrounding neighborhoods of San Jose, CA.
Yes, many millennials have flocked to urban centers, but when you’re done with the hustle and bustle of the city, consider keeping your favorite parts of that urban lifestyle while you secure your financial future and invest in a home in an up-and-coming ‘surban’ area.
Give us a shout and we can help you discover areas you may not have considered before!