HOUSINGNEWS REPORT
MY TAKE
A new kind of neighborhood At Charter Homes & Neighborhoods, we recently spent more than half a year conducting an in-depth segmentation study profiling the different homebuyer targets in the Pennsylvania market. What we found was that, contrary to popular belief, the attitudes and lifestyle preferences of homebuyers in the millennial and boomer segments really aren’t all that different. The millennials, which make up about 40 percent of our homebuyer base, are looking to live life to the fullest, express their individuality and make authentic connections with the world around them. They value relationships and community
Likewise, many millennials are also seeking neighborhoods which resemble the traditional multigenerational communities from their childhood. They’re encouraged to foster close relationships with their parents throughout life, and, as a result, many stay in close proximity. Conversely, with an increased emphasis on their careers, many millennials are also finding themselves relocating away from home and extended family, thus welcoming a neighborhood that fills the void they may have left behind. So what do millennials want in their ideal neighborhood? And is it so different from the boomer generation, even if they’re decades apart?
and are striving to find a balance between work and play.
At 25 percent of our homebuyer base, boomers are independent, open-minded and, similar to the millennials, looking to connect with those around them. They approach life purposefully with a strong focus on balancing work, family and community. typically built communities with one type of home targeted at a particular demographic and no place for people to spend time together and connect. So we started to look beyond the industry standard of building multigenerational households and instead focus on creating multigenerational neighborhoods. Multigenerational households vs multigenerational neighborhoods The most recent research on multigenerational living from the Pew Research Center reveals that the number of people living in multigenerational households has doubled since 1980, rising to 57 million. Thus, multigenerational housing has long been the homebuilders’ solution to meet the needs of boomers, millennials, and the “sandwich generation” in between. More recently, as the economy and job market improves, not all families have to live under the same roof, but may still want to live close enough to be able to connect on a regular basis As Charter started creating neighborhoods, we learned the industry
... multigenerational housing has long been the homebuilders’ solution to meet the needs of boomers, millennials, and the “sandwich generation” in between.”
ATTOM Data Solutions • P9
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