Although millennials are buying property later in life than their parents did, they still have a pretty fixed idea about what they’re looking for in a home. Though this generation has a reputation for aversion to commitments, that couldn’t be further from the truth — they’re buying homes at an unprecedented rate.
Millennials are driven, upwardly mobile, and, increasingly, looking to make a solid investment in homes for their families. But there are differences: For instance, being in a good school district, while a significant factor for their parents, is not a “make it or break it” for millennials. They may not be sure they’ll be in the same spot five years from now, so the neighborhood they pick needs to fit their lifestyle now, not necessarily forever.
Forbes called Chicago one of the best cities for millennials in 2017. Tons of entertainment, easy transportation and low cost of living attract young adults from all over the Midwest, the country, and the world. Chicago sees more young professionals buying homes and investing in their future every day. With booming tech and medical industries and a healthy job market overall, Chicago proves itself an attractive city to live and thrive. So what are millennials looking for in a neighborhood?
1. Things To Do
Millennials have always had the world at their fingertips. They barely remember a time before the internet and have a deep need for quick information and communication. Being able to quickly and easily connect with people is essential for this generation. They want to be able to get a group of people together for drinks, food trucks, or a charity softball game without much effort. They want easy access to middle of the week date nightspots like GreenRiver in Streeterville, which just received a Michelin Star.
Trendy boutiques, and foodie-approved restaurants can found throughout the Streeterville neighborhood. When they aren’t climbing the corporate ladder or working on their own businesses, they want to get out. They want to experience all that life has to offer and need to be in a place where finding an adventure is easy to do. Streeterville, centrally located with easy access to movie theaters and beautiful, dog-friendly parks proves an attractive prospect for young buyers.
2. Neighborhood Safety
Once they find that bustling area, millennials want to be sure they can come and go from their home without worrying about personal security. They want to be in an area that has a low crime rate, where they feel safe walking their dogs at night or going out with friends, and where they can get to know their neighbors.
Chicago’s gotten a bad rap when it comes to crime. However, most neighborhoods are incredibly safe. The loop in particular, boasts low crime rates and attracts swarms of young professionals looking for a safe place to live. Plus, they want to make sure their parents aren’t back home worrying about them!
3. Solid Investment
This is key. Millennials, like everyone else, work hard for their money. They need to know they’re making the right financial decision when they buy a property. Chicago housing values have consistently been on the rise. Properties in Streeterville, for instance, have risen over 8 percent in the past year, and Zillow estimates a further 4 percent value increase in the coming year.
4. Proximity To Work
Unlike their parents, millennials are not known for finding a job and staying with it for 20-plus years. They tend to prefer spaces that work for the here and now. They don’t romanticize home-buying. Instead, they enjoy what works for their current situation and are open to change.
This is why proximity to work is one of the most significant factors millennials consider when choosing a neighborhood. They want getting to and from work to be convenient, and aren’t willing to waste their precious time in traffic jams. Living close to work means spending less on gas money, and living close enough means no gas or toll money at all.
Most millennials are “people people.” They enjoy the company of others, appreciate diversity, and know the importance of forming healthy relationships. Being part of a community and getting to know the neighbors is an important factor when choosing a home.
This generation wants to be a part of something bigger than themselves and wants to live in an area where they can connect with the people around them. Although Streeterville and other neighborhoods in Chicago’s loop area are bustling with residents, a great residential building makes all the difference.
Newer buildings offer more amenities than ever before. These communal spaces make it easy to make friends and host a gathering. Buildings like One Bennett Park in Streeterville offer a pool, a space where you can meet your neighbors and perhaps even throw an epic pool party! And One Bennett Park isn’t just a new development trying to turn a profit: It’s planning on giving back to the community by constructing a brand new park.
Aptly named Bennett Park, this neighborhood destination will provide some much needed greenery for people to rest and relax. The Community Garden at Lake Shore Park is another example of a place where residents can come together and create something beautiful. Millennials are world-changers, and want to be in a community where they can feel like they’re making a difference.
Why Millennials Love Streeterville
Millennials are tech-savvy and rely heavily on social media and the internet on a daily basis. This is how many people of this generation are finding cities that meet their specific criteria; a quick Google search of “best places for millennials to live” will bring up options that combine affordability, safety, and community.
Places like Streeterville in Chicago are made for millennials to thrive. This area checks all of the boxes for home-buying millennials and is becoming the hot spot for young professionals who want the excitement of a big city and the affordability of a suburb.
Millennials are proving the stereotypes as old news. This is a generation of go-getters, dreamers, self-starters, and travelers who are inching their way into the real estate game one neighborhood at a time. A new generation of doctors, lawyers, and innovators are fast making their mark on the City of Chicago and changing the face of the city.
If you’re ready to take the plunge, we can help you identify the perfect home. Connect with Related Chicago today.