The Appeal of the Suburbs
Over the last 20 years or so, the American suburbs have gone from a place where neatly-trimmed lawns and automobiles were seen as ultimate status symbols to a location that was perceived as being too far out from the hub of “city-life” to be worthwhile for the modern home buyer.
The interesting trend, however, is the recent transition from the hustle and bustle of the city centers back to these quieter communities. Though this time, the suburbs are seeing a lot of city changes that have the potential to revitalize and challenge what many have grown to believe the suburbs represent.
One of the primary reasons for this shift back to suburbia was, due to the growing population of home buying millennials who expressed a need for city amenities like short commute times, walkability, good transit links, and commercial centers. With the heavy burden of school debt that many millennials carry, and the need to make their professional mark, it’s only natural that this segment of the population would choose to settle in an urban environment.
The demand that home buyers of the millennial generation are putting on the real estate market is real and dramatic – and in numerous ways started the shift that we are now seeing in the suburbs. It seems that millennials are craving the familiar childhood experiences they had for their children. For many, the idea of raising their kids around parks, on quiet tree lined streets, with bike trails and baseball diamonds is the ultimate dream when looking at potential real estate locations. However, a large number of millennials are dreaming for these reminiscences of childhood with one very important stipulation –they also want the convenient and enjoyable perks they enjoyed in the cities. This demand has certainly not gone unnoticed, and the suburbs are finding unique ways to provide just that, through revitalization and better planning and development.
The Suburbs – Reimagined
With the improvement of transport links to and from the large metropolis, suburbs can refocus resident transport from the automobile to buses, light-rail transit, and in some cases, subways to create easy access to outlying residential hubs. This is a major benefit for millennials that are against purchasing a car due to student debt or environmental concerns. A clever redesign of existing spaces has also helped to infuse the sense of community and authenticity urban dwellers expect in their suburban spaces. Commercial and industrial complexes are readily being developed into clever mixed-use spaces including childcare, shopping, community spaces, and restaurants. This is being done to bring some of the demand city amenities – entertainment and walkability being two primary examples to the city’s suburban counterpart.
As an increasing number of Millennials begin the process of family life and enter the real estate market, the face of the traditional suburban neighborhood is sure to continue altering the staples of traditional suburban life with the vibrancy of the city. Affordability, good schools, and space will complement the newly built or revitalized commercial centers to create a multitude of communities, each with their distinct flair and sense of inclusiveness.