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Homebuyers between the ages of 18 and 34 - known as Generation Y - could be "game changers" in the U.S. real estate market, according to Urban Land Institute. (AP Photo/file)

Millennials seek compact, urban 'game-changing' homes

Homebuyers between the ages of 18 and 34 - known as Generation Y - could be "game changers" in the U.S. real estate market, according to Urban Land Institute.

A new ULI survey of about 1,200 Millennials showed that the group will continue to prefer more compact, urban homes, even later in life. ULI researchers also note that this generation is more likely than older generations to live in apartments and in downtown areas.

In addition, 59 percent of those surveyed prefer a home in a neighborhood that has a variety of housing types. For example, 62 percent said they prefer mixed-use developments with shops, restaurants, and offices, and 52 percent say they like pedestrian-friendly neighborhoods.

"Over time, we'll see a return to a more compact, metropolitan development pattern," said Patrick Phillips, ULI's chief executive. "We'll see less sprawl at the edges ... the market preferring solutions that are closer in."

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