A recent survey conducted by J Turner Research for the 2014 MFE Concept Community asked multifamily residents across the country about their lifestyle preferences, choice to live in an apartment and whether or not they plan to soon buy a home.
Among key findings from the 27,642 E-mail survey responses nationwide is that 54% of residents would prefer to live in a house rather than an apartment. Of the 25% of respondents who do prefer apartment living, 41% are Millennials, the highest proportion of any one generation.
Millennials, however, are also the generation most ready to buy a home in the near future, according to the survey. A total of 51% of respondents plan to buy a home within the next five years, 61% of which are Millennials. Meanwhile, only 28% of Gen X residents and 10% of Baby Boomers plan to buy home in the next five years, probably because they have spent more time in multifamily and are therefore less likely to consider renting temporary.
Survey findings also highlight other generational trends for Millennials. On a scale from zero to ten, Millennial multifamily residents rated the importance of quietness in their neighborhood lower than any other generation with an average of 8.5. Millennials are also most likely to entertain guests in their home most often, with 45% stating they entertain guests three or more times per month—indicating a need for the additional space offered by a single-family home, perhaps?