Do Millennials Want Urban Experiences?
Experts have been saying for a while that the millennial generation, the oldest of which have recently turned 38, are looking for an urban lifestyle. They want to ditch their cars and have convenience at their fingertips, especially when moving to Western North Carolina or the Bay Area in California. So why, then, is suburban growth still happening at high rates across the United States?
The truth is, millennials aren’t as concerned about a specific city experience, but what they want is what may be referred to as “urban-like.” This means they want access to convenient locations, walkable areas, and a lifestyle driven by community, but these things aren’t exclusive to urban centers.
Can millennials get this experience right here in Western North Carolina?
As house prices continue to rise in the Asheville area, there is a growing concern among young adults that they will be unable to buy a home in an area suffering from a housing crisis. But with the right planning, loan program, and education, it may be possible.
So what are millennials looking for within the Asheville area?
The first thing to note is that sprawling, car-dependent cities are not for these young professionals. They’re looking for areas with self-contained living experiences. For example, Arden may not be a good location but West Asheville might be perfect.
To look at affordability, consider some of the areas outside of Asheville proper but with easy access to necessary businesses like grocery stores, shops, and social activities. Weaverville, for instance, may be an excellent location to consider as a place to establish long term roots in the area.
Other things that attract younger home buyers to an area include:
- Walkable communities that aren’t reliant on cars.
- Smaller homes with more affordable prices.
- Access to “the Third Place,” social areas away from home and work.
- Places with flexible working opportunities.
- Areas with strong community involvement initiatives.
How can Prime Mortgage Lending, Inc. help millennial home buyers moving to Western North Carolina?
Homeownership has been considered out of reach for many young people, especially right out of college. Some move back in with their parents after graduation to save money, which may mean they are delaying homeownership, but not forgoing it all together.
What are some mortgage tips that can help millennials find the house they want in Asheville?
- Start by building your credit. Many young people want to avoid debt, and that is a good instinct. But maintaining a good credit score is also important for securing a good loan to buy a home.
- Consider a larger down payment. The more you’re willing to pay down on your new home, the less of a risk you’ll be for a creditor. Start saving before you’re ready to buy a house to help facilitate this process.
- Get educated on the Asheville market. The more you know, the more prepared you’ll be to discuss your options with Zachery Adam and Prime Mortgage Lending of West Asheville. Consider the areas outside the Asheville city center that can give you the living experience you really want.