It turns out, millennials are not solely concentrated in the urban or suburban areas. Many reports were suggesting millennials were city dwellers, but today we’re finding that not to be the case. At the same time, millennials aren’t reported to be showing up in suburban areas. It begs the question, where are they? Yet again, we are seeing how they’re changing the status quo and defying stereotypes.
Rather than staying in expensive cities, or flocking to suburbia, millennials have found a haven being described as Hipsturbias. These regions represent a hybrid of suburban markets. It’s a trend we are beginning to see unfold in markets like Phoenix and Los Angeles. By increasing walkability and access to public transportation while adding unique amenities you are directly appealing to their desire of a live/work/play lifestyle.
This blend of urban metros and suburban markets creates a new opportunity for millennials who cannot afford the city, while not removing them completely. Mixed-use development is especially attractive to this generation and presents a new way of thinking for developers.
Now, this isn’t only limited to millennials. Baby boomers are also interested in a space where they can live and play. As they reach the age of retirement, Hipsturbias are a great option for those who want to be close to shops, movies, and local restaurants.
It ultimately boils down to wanting space while also having an urban feel. It’s the best of both worlds. As with anything, each market is dynamic in its own way; however, as investors, property managers, and real estate agents, it is important to stay attune to the recent trends and make sure your business matches up with the community’s desires.