Many millennials, as you’ve probably heard, are moving to the suburbs. Not because they don’t like city life, but because it’s cheaper living away from the city. But millennials want suburban living to resemble city life in some ways. As a Russ Lyon Sotheby’s agent, I find the parts of the valley I sell homes in to be quite attractive. But Paradise Valley and North Scottsdale definitely isn’t city living. So, just what is this younger crowd looking for?

 

For one, millennials like their specialty shops and restaurants not to mention sidewalks, bike lanes, and trails. In fact, biking and hiking seem to be at the top of the list. So, at Russ Lyon Sotheby’s, I know I’m on the mark if I can find a millennial home buyer a house near a biking path or hiking trail. In fact, homes on average sell for 5 to 10 percent more in these areas according to a study by Headwaters Economics.

 

Companies are also following this trend, moving or expanding their offices to the suburbs. It’s definitely a lot cheaper and is a good way to attract the millennial workers.

 

The National Association of Development Organizations says suburban communities around the U.S. are spending cash to overhaul their downtowns and make them more walkable by installing bike paths and trails that link to neighborhoods. I’m fortunate since many of the neighborhoods I sell for in at Russ Lyon Sotheby’s have amenities attractive to millennials.

 

An interesting statistic: 136 communities nationally have applied to be designated as a bicycle-friendly community through the League of American Bicyclists in the last year alone. 

 

I’ve noticed at Russ Lyon Sotheby’s that developers are noticing this growing trend because they’re offering bike storage facilities, repair service, and even wash stations in some condo buildings in order to lure millennials.

 

As far as home values, nationally, homes, in metro areas with a lot of walking paths, usually sell for $4,000 to $34,000 more. That’s according to a 2009 CEOs for Cities study that looked at metro areas with a minimum of 670,000 residents. 

 

Bottom line, Russ Lyon Sotheby’s can help millennial buyers find that perfect home close to all the amenities they like.