Chicago Market Benefits Millennials
Millennials Attracted to Urban Market
The Chicago market may benefit from the demographic and societal trends showing millennials are attracted to urban markets, according to Jonathan Smoke, Realtor.com’s chief economist. Chicago home prices, while recovering, have not appreciated as much as they have in other markets.
“Chicago is one of the few cities that offer both (an urban location and affordability),” Smoke said. “You can have your cake and eat it too.”
As of October, home prices in the Chicago area were up 1.9 percent from a year earlier, according to the S&P/Case-Shiller home price index. That compared with a gain of 4.6 percent nationally. (Chicago Tribune)
The Chicago Market benefits Millennials. Furthermore, the majority of Millennials see their ideal home as being bigger.
American’s Prefer Larger Homes
According to the results of a recently released survey, most Americans say they wish their home was a different size. The survey, conducted by Trulia, asked 2,000 Americans about the size of their current and ideal house and broke the results down by generation.
Overall, 40 percent of respondents said their home was the right size, while 43 percent said they’d like a larger house and 16 percent said they’d prefer something smaller. Among baby boomers – a generation expected to be in the process of downsizing – just 21 percent said they’d prefer a smaller house. And though 26 percent said they’d like more space, a majority said they’re already living in their ideal sized house.
Naturally, younger Americans were less likely to say their house is the right size. After all, the younger you are, the more likely you are to be living in a smaller space. The results clearly reflect this.
In fact, among Millennials, 60 percent said their ideal home is bigger than their current house – just 13 percent said they’d like to downsize. Generation X is also a generation looking to move up. Because they are in their peak earning years, in addition to being most likely to have children, 48 percent of GenXers said they’d prefer a bigger house.
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