the millenials : myths and realities

The Millenials: Myths and The Millenials: Myths and RealitiesRealities

Tuesdays at APA – DCJune 24, 2014

Howard Ways, AICPExecutive Director

The Redevelopment Authority of Prince George’s County, MD

(Not so) Famous Quotes By (Not so) Famous Quotes By (and about) Millenials(and about) Millenials

2

“Professor Ways, I don’t ever see a time when I can afford a car.”

“Millenials are so lazy! And all they care about are themselves.”

“We planned the March on Washington before there was social media.”

Who are the Millennials?Who are the Millennials?

3

• 80 million people• Born between 1982 and 2003• Most ethnically and racially

diverse group• Postponing marriage and

having kids • Student loan debt will be their

largest debt well into their thirties

Who are the Millennials?Who are the Millennials?

4

• More mobile in their job search• More likely to live in first ring suburbs and

urban areas• Less interested in larger homes• 25% to 33% would pay 5% to 10% premium to

live within a 10-minute walk, bike ride or short car trip to get to work or retail services

• More than half (54%) would consider moving to another city if it had more and better transportation options

Who are the Millenials?Who are the Millenials?

Who are the Millenials?Who are the Millenials?• 66% say access to high quality public transportation is

a top three criteria when deciding where to live• 86% say that it is important that their city offer a low-

cost public transportation system with affordable fares. • Almost two-thirds (64%) say that the expense of

owning a car is a major reason they want be less reliant on one.

• Nearly all Millennials (91%) believe investing in quality public transportation systems creates more jobs and improves the economy.

Who are the Who are the MillennialsMillennials??

Bike More and Drive Less

Who are the Millennials?Who are the Millennials?

Millennial Myth – Not Millennial Myth – Not Interested in HomeownershipInterested in Homeownership

9

• 84% of 18-34 year olds who currently rent intend to buy a home even if they currently can’t afford to do so

• More Millennial homeowners (900,000) than Baby Boomers (500,000) when they were at the same point in their lives. (American Community Survey)

• 64% surveyed said it was “very important” to have an opportunity to own their own home

• Student loan debt + cost of college degree + lack of employment are forcing many younger adults to rent out of necessity rather than preference

Millennial Myth – Prefer Large Millennial Myth – Prefer Large CitiesCities

10

• 43% prefer suburbs 39% favor city living (Pew Research Center)

• Favor compact walkable communities:– 59% said they prefer their neighborhood to have

a variety of housing types– 62% favor mixed-use developments with shops,

restaurants and offices with shorter commutes to work

– 52% like pedestrian-friendly neighborhoods

Montgomery County 43%Arlington County 43%Atlanta 41%District of Columbia 41%Denver 39%Phoenix 38%Baltimore 38%Alexandria, VA 37%Los Angeles 37%Cleveland 36%Detroit 36%Miami 34%Fairfax County 33%

Prince George's County 33%

Millennial PreferencesMillennial Preferences

12

• Compact walkable communities– 55% said close proximity of their home to public

transportation is important – 13% carpool to work (RCLCO)– 33% are willing to pay more to walk to amenities– 7% walk to work (RCLCO)

Millennial PreferencesMillennial Preferences

Millennial PreferencesMillennial Preferences

14

88% want to be in an urban setting

15

Strategies for a 21Strategies for a 21STST Century Century CountyCounty

17

• Walk to the future• It easy being green!

WalkUPsWalkUPs

18

National Capital Region• District of Columbia - 18• Montgomery County - 7• Arlington County - 7• Fairfax County - 6• Prince George’s County- 2• Alexandria – 2• Frederick County – 1

WalkUPsWalkUPs

19

• Since 2009, WalkUPs in the region have seen 42% of new apartment development, up dramatically from 19% between 2000 and 2008, and 12% during the 1990s

• Change for offices, 59% of the space delivered since 2009 was in WalkUPs, up from 49% between 2000 and 2008 and 38% in the 1990s

WalkUPsWalkUPs

20

• 4.6 million of the 5.5 million square feet of office space under construction in the region (84%) is within a quarter mile of a Metro Station

• According to Metro, 28% of the region’s real estate value is within a half-mile of Metro stations, even though that property constitutes only 4% of the land area

Walkable FutureWalkable Future

Instead of this…

BUILD THIS!!!

Walking Biking ConnectionsWalking Biking Connections

24

Prince George’s County• 0 stations

Montgomery County• 46 stations Arlington County• 65 stations

We are not Toronto, but…..We are not Toronto, but…..

25

27

Healthiest Places to WorkHealthiest Places to Work

29

• Fairfax County – 13• DC – 12•Montgomery County – 11• Arlington County – 5• Alexandria – 3• Loundon County – 3• Prince George’s County - 2• Prince William County - 1

It is easy being greenIt is easy being green

30

Who is it for?Who is it for?

“But in many cities, developers, upon discovering the profitability of quaint architecture, walkability and transit access (all pillars of New Urbanism), have helped turn what should be very basic neighborhood amenities into marketable commodities for luxury housing.” - Mark Byrnes is an associate editor at CityLab

Model for the 21Model for the 21stst Century Century

Academic Village – Colorado State University•Promote entrepreneurship and innovation•Foster multigenerational collaboration•Incorporate state of the art green building•Integrate sustainable business practice •Promote healthy living lifestyle

Millenial VillagesMillenial Villages

Is Your Community Millenial Is Your Community Millenial Ready?Ready?

• Walkable, bikeable, less auto dependent• Locate amenity rich, diverse housing appropriately

near transit • Promote a healthy lifestyle in the workplace• Cultivate and nurture entrepreneurs• Promote sustainable business practices• Embrace green infrastructure investments• Use the technology of the collaborative economy

SourcesSources

• Rockefeller Foundation and Transportation for America Survey (2014)

• Price Waterhouse workplace survey (2013)• Washington Post: “ March of the Millenials” (2013)• Fannie Mae Renter Survey (2012-2013)• United States Census Burea report (2012)• William Frey, Senior Fellow with the Brookings

Institution’s Metropolitan Policy Program (2012)• Pew Research Center: “ Millenials A Portrait of

Generation Next (2010)

Redevelopment Authority of Prince George’s County

9200 Basil Court, Suite 504

Largo, MD 20774

301-883-5300

40

Howard Ways, AICPExecutive Directorhwways@co.pg.md.uswww.princegeorgescountymd.gov/RDA/

Follow and "like" the Redevelopment Authority of Prince George’s County on Facebook