Last year, millenials surpassed baby boomers as the nation's largest living generation, according to the U.S. Census Bureau. These 20 and 30-somethings are now becoming first-time home buyers and their needs for affordable housing and difficulty in finding housing are the subject of many real estate blogs. Another aspect of this generation not often considered is the significance millennials place on having time for friends and family. This leads to a desire to reduce commuting time, and thus places more value on homes located closer to places of work.
According to a recent National Association of Realtor's Economist Commentary, some interesting trends can be derived from the NAR Profile of Home Buyers and Sellers Report for 2015. One of those trends was that 30 percent of the respondents purchased homes to reduce commuting costs and listed this as being very important to them. The report was further segmented to show that 64 percent of buyers purchased homes that were convenient to their jobs. They were willing to pay more to be closer to work and reduce commute times. The analysts found that 40 percent of these buyers were first-time home buyers and that their median age was 39 years, which is Gen X territory (falling between the boomers and the millenials). The typical house tended to be a three-bedroom, two-bath house with 1900 square feet.
When looking at affordable housing planning and development, it seems prudent to take into consideration the value that families place on living close to work, schools, shopping, and medical facilities. Instead of just pushing out urban boundaries to create bedroom communities on the outskirts of a city, affordable housing in town is what is most needed and desired.
Home Price Round-up
<<LOW
1779 NE Sonya Ct, Bend, OR 97701
3 beds, 2 baths, 1204 square feet,
.16 acre lot | Built in 1992
$224,900
Listed by Coldwell Banker Morris Real Estate
MID>>
20808 King Hezekiah Way, Bend, OR 97702
4 beds, 3 baths, 2204 square feet,
.76 acre lot | Built in 1977
$319,000
Listed by Exit Realty Bend
<<HIGH
1193 NW Promontory, Bend, OR 97701
4 beds, 3.5 baths, 4228 square feet,
.85 acre lot | Built in 2008
$1,350,000
Listed by Duke Warner Realty
Photos and listing info from Central Oregon Multiple Listing Service
