Brought to you by
KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate

Who is going to buy boomers' big suburban homes?

The Millennial generation is showing different housing preferences than previous generations, and some analysts say that Baby Boomers may be growing concerned that they will have a tough time selling their suburban, larger homes due to the Millennials' differing tastes.

The Millennial generation has been called a key to the housing recovery, and housing professionals are taking careful note of how the younger group's housing preferences differ from previous generations.

A new survey by the Urban Land Institute's Terwilliger Center for Housing shows that about 60 percent of the millennial generation prefer a mix of housing choices and prefer to be near shops, restaurants, offices, and transit. Seventy-five percent of Millennials say they value walkability. Of the 63 percent of Millennials who say they plan to move within the next five years, about 40 percent say they expect to move to multifamily housing.

"I do think their preferences are going to result in sustained change," said Lynn Ross, the executive director of the ULI Terwilliger Center for Housing. "This group is so different from previous generations."

One of the biggest obstacles facing this generation is student loan debt. Fifty-four percent of those aged 22 to 32 said that debt is their biggest financial concern. Forty-two percent referred to their debt as "overwhelming."

"This generation has been through an incredibly difficult time, and I think it is ultimately going to operate very similarly to the generation that went through the Great Depression," Ross said.

Top Stories

  • Scorched or Spared
    Amid massive wildfires, a man whose home survived watches neighbors who weren't as lucky

  • When Moles Attack
    Think your lawn is pristine? If you end up like Dori Monson, you'll need a mole plan
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Mortgage Calculator
Enter Your Details & Click the Calculate Button
Loan Amount $
Annual Interest Rate %
Term of Loan Years
Number of Payments
Monthly Payment $
Brought to you by

This is not a commitment to lend. Terms subject to change without notice. Applicant must qualify to receive credits. A division of Pinnacle Capital Mortgage Corp. WA CL 81395, Equal Housing Lender, MLO 70765.
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.