Why Condo Living is Great for Single, Busy Millennials
Condo Living: Why It’s the Right Move for the Single, Busy Millennial
When it comes to the American Dream of homeownership, we sometimes imagine a white picket fence, a pool, and a backyard for hosting barbecues on the Fourth of July. But for the Millennial generation, current data shows a low homeownership rate.
But it isn’t so much that Millennials can’t afford or don’t want to own a home (72 percent prioritize owning one). It's their personal preferences that seem to bar some of them from buying property.
For instance, single, career-oriented Millennials don’t have the time to maintain a single-family detached dwelling. Others prefer to reside near their workplaces or in urban areas.
Homeownership isn’t only about a white picket fence or suburban living. Condominium living can be a very attractive option – a combination of a single detached dwelling and an apartment. Looking at condo locations, unit prices, and what they offer, they could be an ideal option for the busy Millennial.
Condos are Suburban and City Living Rolled into One
More Millennials are embracing suburban living. According to the latest Ernst & Young (EY) Survey, 38 percent of Millennials live in the suburbs while 37 percent live in the city (rent or own in 2017). “It was a surprise to me to see this generation increasingly choosing suburban locations to buy homes,” EY Tax Policy Leader tells CNBC in an interview. “The suburbs may very well be smaller cities close to large urban areas – these still afford the richness of city living (including employment opportunities) at maybe lower home prices.”
Speaking of city living, another study found that Millennials are happiest in large metropolitan areas, where they can meet a diverse range of people, have better economic opportunities, and explore more amenities.
With condo units, this group of young adults can experience the best of both worlds.
Condos Don’t Require Millennials to Mow Regularly
Millennials could very well be the most highly-educated and career-oriented generation so far. And they’re trapped in an endless busy schedule. “Millennials work long hours, launch side hustles, and manage busy social lives, all while hoping to maintain a work/life balance and prioritize self-care,” wrote Forbes contributor Kate Hayes.
As such, it’s difficult to find time for other mundane daily tasks like repairing a fence, repainting the exterior wall, or mowing the grass. Owning a condo unit, however, means they don’t have to do it by themselves. Condo unit owners pay monthly, quarterly, or annual association fees which cover exterior maintenance. So if a Millennial is too busy for a fall or winter cleanup, a condo unit would be the best property for them to own.
For instance, the homeowners association fees for many of the luxury condo units in Old Town, Fort Collins already include security management, snow removal, and lawn care services, as well as common amenities and hazard insurance.
Condos are Entry-Level Alternative Properties
For Millennials who are just starting on their own, condos may be the more practical and affordable homeownership option than single detached homes or apartments. Across the US, the median single-family home price as of October 2017 was $257,900. In the same time frame, the median price for a condo unit was only $236,200.
Maybe the American Dream of homeownership is alive and well, but is different for each generation.
For single, busy Millennials, their white picket fence looks more like a condo lobby, just a short walk to work and restaurants and three floors below a rooftop pool.
Are you a single, career-oriented young adult? We have property listings that can fit your lifestyle.
Talk to us today.
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