For millennials, nothing beats a restaurant when choosing the right neighborhood. Access to a good eatery was No. 1 on the list of NewHomeSource’s Millennial Survey, which asked the demographic cohort, “What are your top priorities related to where you live?”
“Millennials want to live places that cater to some pretty basic needs - safety, convenience, and things to do,” says NewHomeSource’s chief economist Ali Wolf. “Being close to family, outdoor activities, and housing design are top preferences. The challenge will be trying to check all of these boxes and finding attainable options. Buyers should consider listing their non-negotiables in their house hunting process.”
Here are their Top 5 priorities:
1. Access to Restaurants and Shops
Millennials prioritize convenience, experiences, and social engagement, making proximity to restaurants highly appealing. Living near dining options allows them to explore diverse cuisines, enjoy spontaneous outings, and balance busy lifestyles without extensive meal prep. Additionally, restaurants serve as social hubs, fostering community connections and offering spaces for remote work or casual meetups. With a preference for walkable neighborhoods and vibrant city life, millennials see easy restaurant access as a key factor in their ideal living environment.
2. Safety
Millennials prioritize living in safe neighborhoods because they value security, well-being, and peace of mind daily. Many delay homeownership and start families later, making safety crucial for personal comfort and future planning. Safe areas offer better walkability, access to public spaces, and a stronger sense of community, aligning with their preference for social engagement and active lifestyles. Additionally, safety impacts property values and long-term investment potential, making it a key factor in their housing decisions.
3. Distance to Work
Millennials prioritize living close to work to save time, reduce commuting stress, and maintain a better work-life balance. Long commutes can lead to burnout and limit time for social activities, fitness, and personal pursuits, all of which are highly valued by this generation. Proximity to work also allows for more flexibility, whether embracing remote or hybrid work models or having the option to walk, bike, or use public transit instead of driving. Additionally, shorter commutes contribute to sustainability efforts, aligning with millennials' environmental consciousness.
4. Good Schools
Millennials prioritize living close to good schools because many are starting families and want to provide their children with quality education and a strong foundation for future success. Good schools often indicate safer, family-friendly neighborhoods with better amenities and community engagement. Proximity also reduces commute time for parents and children, making daily routines more convenient. Additionally, homes near reputable schools tend to retain higher property values, making them a smart long-term investment.
5. Walkability
Millennials prioritize living in walkable neighborhoods because they value convenience, sustainability, and an active lifestyle. Walkability allows easy access to restaurants, shops, parks, and public transit, reducing the need for a car and promoting a more connected, community-oriented way of life. It also aligns with their environmental concerns, as walking or biking lowers their carbon footprint. Additionally, vibrant, pedestrian-friendly areas enhance social opportunities and overall quality of life, making them desirable places to live.
