The Philadelphia housing market is one of the most affordable in the Northeastern United States. It’s no wonder that millennials in search of new houses are looking to the area to start the next the chapter.
According to research from Trulia, based 2015 U.S. census data, Philadelphia ranks as one of the best cities for millennials in 2017. Millennials in Philadelphia have more jobs opportunities and make more money than their peers aged 33-35. Of course, this means that millennials are more likely to be homeowners in Philadelphia as well.
As these flourishing young people to turn to the Philadelphia housing market, they don’t just want a new place to call home. They want brand new houses. Nearly half (48 percent) of prospective home buyers want new houses that have never been lived in, according to research from real estate company Zillow.
Sustainability and “green” thinking are major factors in millennials’ housing decisions. Of the buyers who are looking for brand new houses, 48 percent cite “energy efficiency” as the most desirable feature. Purchasing brand new homes would not only be green, it would help new homeowners avoid renovations and problems associated with plumbing and electricity. 34 percent of recent buyers cited this as one of their motivations for buying a brand new home.
Green thinking is also a motivating factor in choosing a new city to live. Prospective buyers interested in lessening their carbon footprints are looking at houses for sale in areas where they won’t have to depend on cars to get around. A recent survey by the Urban Land Institute found that a city’s walkability is the top or a high priority of 50 percent of its respondents. Walkability is best described. a measure of a city or neighborhood’s friendliness towards walking.
Walkability is even more important to millennials than older home buyers. 56 percent of millennials prefer to live in more walkable neighborhoods, compared to 46 percent of baby boomers.
According to Walk Score?a website that ranks the ease of moving around different cities on foot, by bike and through using public transit?Philadelphia is ranked among the top 5 most walkable cities in the U.S., making it incredibly attractive to young people looking for new homes in Philadelphia.
With all this in mind, is it any wonder why so many young people are flocking to new homes in Philadelphia?