As discussed here by The Wall Street Journal, the vast majority of Generation Y, a larger demographic than baby boomers, wants an urban lifestyle. Of those born between 1980 and the early 2000’s, 88% want to live in an urban setting rather than in traditional, suburban communities. They want a pedestrian-friendly environment. They also prefer smaller dwelling units with shared amenities to the suburban home with a large yard.
Of course, as this DenverUrbanism.com blog post suggests, as time goes on and Millennials start having their own children, their desires may change.
It will be interesting to see how this generation’s preferences impact urban and suburban residential markets.