There was an article this week in the Wall Street Journal about the housing needs of the newest generation purchasing homes and finding neighborhoods to locate to - Generation Y. The article entitled "No McMansions for Millenials" focuses on what attracts millenials to a community and housing.
I have discussed in previous posts the importance of a shifting demographic of the Fort Thomas community and what things we need to be accentuating to attract this younger demographic to avoid becoming an aging and dead community. This article reinforces all of these previous arguments. Some of the highlights include:
- Gen Y is actually larger than Baby Boomers (80 million people compared to 76 million)
- Gen Y wants to walk everywhere. Surveys show that 13% carpool to work, while 7% walk
- A whopping 88% want to be in an urban setting, but since cities themselves can be so expensive, places with shopping, dining and transit such as Bethesda and Arlington in the Washington suburbs will do just fine.
- One-third are willing to pay for the ability to walk,” Ms. Duggal said. “They don’t want to be in a cookie-cutter type of development
- Outdoor space is important—but please, just a place to put the grill and have some friends over. Lawn-mowing not desired
- Smaller rooms and fewer cavernous hallways to get everywhere
Each of these 6 points represent an opportunity for Fort Thomas to seize the shifting demographics and use it to its advantage. The current housing stock of older homes, smaller lawns, established sidewalks, TANK lines, and proximity to Cincinnati and shopping in Newport is everything that is mentioned as attractive to Generation Y. It will be interesting to see the results of the most recent census to see if the shifting demographics we discussed previously is continuing.