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Today’s homebuyers want smaller homes in urban areas

A recent presentation by the Urban Land Institute provides even more confidence that Midtown Atlanta will continue to be a hot target for real estate buyers.

A recent presentation by the Urban Land Institute provides even more confidence that Midtown Atlanta will continue to be a hot target for real estate buyers. 

Urban Land Institute’s "What's Next? Real Estate in the New Economy" report found that today’s homebuyers want smaller homes in urban areas in order to save time commuting and money on mortgage. This MSN Real Estate article listed highlights from the presentation, including:

  • Rising commuting costs, both in money and in time are increasing Americans' desires to live near restaurants, shops and services. That is especially true of the two largest groups: Generation Y and the baby boomers.
  • Gen Y prefers a more urban environment and is willing to sacrifice space for a better location. Plus, lower incomes mean they need to find homes at lower rents and lower mortgage payments.
  • Demand for larger homes and apartments will come from intergenerational families, as aging boomers are forced to live with their children or adult children are forced to continue living with parents. Friends and acquaintances also may chose communal living arrangements in larger spaces to save money. 
  • More people over 65 will choose to age in place or be forced to move in with relatives. Many of those who are free to move, like their Gen Y counterparts, favor smaller spaces in urban areas.

The National Association of Realtors found similar results with its 2011 Community Preference Survey. More than 58 percent of respondents preferred "a neighborhood with a mix of houses and stores and other businesses within an easy walk,” and 59 percent “would choose a smaller house and lot if it meant a commute time of 20 minutes or less."

Midtown offers all of this and more, with a mix of luxury condos, urban bungalows, eclectic restaurants, Fortune 500 companies, parks, museums, and more all within a small radius. And all attractions are easily accessible for residents, as evidenced by Walk Score’s ranking of Midtown as one of Atlanta’s top 10 walkable neighborhoods.

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