A new report from the National Association of Realtors found that like millennials, members of the silent generation, those born before 1944, also prefer smaller homes in neighborhoods where they can easily walk to shops and restaurants. Gen-Xers and baby boomers, on the other hand, still strongly prefer suburban living, with 55 percent from both groups saying they have no problem with a longer commute and driving to amenities if it means living in a single-family, detached home.
The 2017 National Community and Transportation Preference Survey, which polled 3,000 adults from across the U.S., found 62 percent of millennials and 55 percent of the silent generation prefer walkable communities and short commutes, even if it means living in an apartment or townhouse.
"While the idea of the 'perfect neighborhood' is different for every homeowner, more Americans are expressing a desire to live in communities with access to public transit, shorter commutes and greater walkability," said NAR president Elizabeth Mendenhall.
According to the survey, majority of Americans, 53 percent compared with 48 percent in 2015, would prefer to live in communities that have homes with small yards, but within easy walking distance to the community's amenities, as opposed to living in communities that have homes with large yards but require driving to all amenities.
Most families with children, however, still prefer suburban living. Sixty percent of respondents with school-age kids, regardless of their generation, said they prefer suburban communities, larger homes and yards that require driving.
The survey also found majority of Americans, 88 percent, are very or somewhat satisfied with the quality of life in their communities, with 51 percent of whom believe the walkability of their neighborhood contributes to that quality of life. Women, particularly young women, more than older or younger men, prioritize walkability (54 percent) and public transit (39 percent) as a very important factor in deciding where to live. When it comes to commuting to work, both young women (49 percent) and young men (48 percent) said being within a short commute to work was a very important factor in deciding where to live.
While 60 percent of adults surveyed live in detached, single-family homes, 21 percent said they would rather live in an attached home and have greater walkability. Sixty percent of those surveyed also said they would be willing to pay a little or a lot more to live within walking distance of parks, shops and restaurants.
When it comes to respondents' thoughts on transportation priorities for the government, 73 percent indicated that maintaining and repairing roads and bridges should be a high priority, with expanding roads to help alleviate or reduce congestion as the next highest priority, at 54 percent.
"Homes that have greater walkability and easy access to public transportation are a preference among many buyers in the Bay Area," according to Bill Moody, 2018 president of the Silicon Valley Association of Realtors. "As more people move to outlying areas due to affordability issues, access to transportation has become a major concern."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.