Many millennials are beginning to take the step from renting to homeownership. With 50 percent of millennial homeowners moving out of the city and into the suburbs as they hunt for more affordable spaces—according to a recent study by Zillow—developers and builders are looking for ways to attract these new buyers.
Millennials are starting to grow their families, and many are finding that traditional city living no longer meets their needs. High rents, lower quality schools, and crime rates have them turning their sights elsewhere. But, still, the traditional view of suburban life is out of the question.
Meet the new “Surban” living.
A term created by John Burns Real Estate Consulting in Chicago, Surban is defined as a suburban area that has the feel of the city, combining urban energy and walkability with the space and affordability of the suburbs. It perfectly defines what this new generation of homebuyers is looking for.
While they want some of the benefits of living outside of the city, they’re not ready to give up the essentials that make city life interesting. Rather than the big box retail and sprawling spaces that the suburbs are known for, new Surban living creates neighborhoods within the suburbs (or not quite as far out as the suburbs) that have an urban flair to them. Think boutiques, mom and pop shops, bike paths, and community events such as festivals and art fairs.
Many city and town leaders are starting to respond in kind, redeveloping downtown areas or rezoning suburban land for a mix of retail, housing and jobs. Even Nashville is starting to see the effect of this shift, with small oases being built in up-and-coming communities around the city proper.
For agents, this means being tasked with helping millennial clients find homes in areas that bring together the best of city life with the benefits of the suburbs.
For new homebuyers, it means finding an agent who knows Nashville—from the heart of the city, to the far-reaching suburbs, to the communities in between—who can help you find the place that meets your needs. If you’re looking for this type of agent, you’re in luck. Give us a call today and we’ll help pair you with a Benchmark agent or learn more about what makes Benchmark different here.