As a collective, millennials have a very different economic worldview than previous generations. For example, millennials are more drawn to access than ownership, resulting in a tendency to rent for longer periods of time before considering homeownership—due to both lifestyle and economic constraints. Master planned communities have an opportunity to reach a broad audience by diversifying the number of product types available to potential buyers, generating different price points for economic accessibility.
A diverse range of product invites those from all demographics, which is reflective of the values and composition of the millennial generation as one of the most demographically diverse to date. Castle Hills, an award-winning MPC in Lewisville, Texas, is a great example of how diverse housing products cultivate a more socioeconomically diverse community. This well-established residential community, comprised of more than 4,300 single-family homes, is rapidly transforming into an urban, mixed-use environment. Today, Bright Reality, the developer behind Castle Hills, is investing in condos, multi-family, and single-family-for-rent products. This strategic shift in planning has allowed Castle Hills to be a viable and competitive option for those searching for alternative or temporary housing options.
The versatility of master planned communities to accommodate those from so many unique walks of life is beneficial for everyone and offers the opportunity to transfer between product types within the same community as needs and circumstances change.
As previously mentioned, millennials are renting for longer periods of time and buying property later in life. Transitioning from renting to purchasing a home can be a big leap, which is why we are seeing an increase in demand for alternative products, such as single-family-for-rent. These houses have the same look and feel as a single-family home but are simply financed differently. This model acts as an in-between solution for those who are ready to graduate from apartments to a large space, but still prefer renting to buying. This product is a great option for millennials, as it provides a first entry into suburban living while accommodating their transitional lifestyle.
These elements work together to determine the ideal living environment for individuals based on their unique needs and priorities. Communities that offer a mix of housing products appeal to homebuyers and renters at all stages of life, providing options that align with diverse lifestyles and preferences.
Another benefit to the various sizes, prices, and types of products is the multi-generational accessibility it offers. As the parents of millennials grow older, many seek to age in place close to their children and grandchildren. For some, a guest suite attached to a home may be a desirable option, while for others it may be preferred to simply have a family nearby in the product most suitable for them. The versatility of master planned communities to accommodate those from so many unique walks of life is beneficial for everyone and offers the opportunity to transfer between product types within the same community as needs and circumstances change.
Explore LandDesign’s portfolio of Master Planned Communities to learn how we are translating lifestyle preferences to community planning and design.
