Can Millennials and Boomers Coexist?

Allen Morris Residential has decided to build a community that attracts both Millennials and Baby Boomers:

When W. Allen Morris was planning a new apartment community, he knew he wanted to cast a wide net to appeal to both Baby Boomer and Millennial renters.

So, he took a look at his own family and decided to build a place where they would all feel welcome. The 62-year old Morris surveyed his six children, who range in age from 23 to 32, to find common ground between his Baby Boomer values and their Millennial and Gen Y expectations…

“The idea is not to target a specific age group but to design it for people that like art and fitness and other common interests,” he says. “It should attract a broad range of people.”

Morris’ Coral Gables, Fla.-based company, Allen Morris Residential, will develop the apartment building on two acres of undeveloped land, an entire city block in St. Petersburg.

Mixed-Use Communities a Growing Preference

Respondents to an Urban Land Institute study have shown a growing preference for mixed-use communities and a willingness to trade space for proximity to work/school:

The needs and wants of renters and homeowners aren’t so very different, as evidenced by the Urban Land Institute’s America in 2013 housing survey: both demographics are big fans of mixed-use communities…

In terms of important community characteristics, both renters and homeowners chose neighborhood safety and the quality of public schools as the top two most-desired attributes. But where homeowners tapped “Space Between Neighbors” as their No. 3 concern, renters chose walkability as the third most important attribute.

Proximity to work/school was the fourth most-desired attribute, and that consideration may even trump square footage. The majority of both renters and homeowners say they would be OK with trading a shorter commute for a smaller home–about 61 percent of respondents said they wouldn’t mind that trade-off.

The preference for suburbs or small towns is still strong: Only 28 percent of respondents said they prefer living in a medium-sized or big city, But the pull of urban living is strongest in some key demographics; about 43 percent of all Latinos surveyed prefer city life, as do 40 percent of Gen Y members.