Past generations knew suburbs as quiet communities outside of a metropolitan city where parents could raise their children away from city life. Now, a new type of suburb called hipsturbia is said to be shaping the real estate market and how future generations will choose their home.
As millennials become parents, they’re trading in their city apartments for houses in the suburbs. While young people migrating out of downtowns isn’t new, this generation isn’t ready to give up city life just yet. They’re looking for affordability as well as urban staples like dining, shopping, entertainment and jobs, all within a walkable distance.
This movement is similar to the live-work-play districts that developers used to revive downtowns in the 1990’s. Now, this formula is being implemented into many suburban communities, which are seeking to become hip destinations and attract millennials. The key to success: transit access, walkability and abundant retail, restaurant and recreation options.
The formula for these new suburbs are in sync with the lifestyle of present and future generations. The traditional workforce is changing with more people working from home or having flexible schedules allowing them to spend more time in their neighborhood.
Young adults are looking for neighborhoods that allow them to interact with their neighbors. This is a transition from previous generations who lived a more conservative lifestyle. The distance to collaborative working spaces, access to walking trails and presence of local restaurants are all details being considered by first-time home buyers.
Tempe is used as an example in the 2020 real estate report for a growing hipsturbia in the Southwest. This is due to the supply of young professionals by Arizona State University, transit access facilitated by Valley Metro Rail, and Mill Avenue clusters coffee shops, sit-down restaurants, brew pubs, retail, and entertainment.
Home buyers looking to live in a hipsturbia neighborhood have to be aware of the low housing inventory in Phoenix. With low supply of homes, costs for first time buyers are record high making it very difficult for young people to attain a home.
New apps like PRE Open House help home buyers find homes that haven’t hit the market yet, which gives them a big advantage in those high demand neighborhoods. This technology was designed for the new wave of home buyers, who value convenience and transparency when searching for homes.
Hipsturbia neighborhoods will become the new norm now and in the coming years. This form of developments represent the new generation and will allow for a more cohesive and interactive form of living. —Shannon Quagliata is an award-winning real estate agent and founder and CEO of PRE Open House, a one-stop, one-click website and mobile app for home buyers to find, schedule, save and map open houses all from the convenience of their mobile device.