By Patrick A. Marrano, President, Marrano Homes
Buffalo’s ongoing resurgence is having multiple positive impacts, including the return of millennials, the children of baby boomers.
Many of these young people, born in the 1980s and 1990s, are entrepreneurs, developing innovative businesses that are bringing new life, new imagination and new energy to the region. Tech start-ups, micro-breweries and social media companies are among the new businesses thriving in and reviving Buffalo, the suburbs and Western New York.
The Buffalo News reported in January that the city is ahead of the national average when it comes to an increase in the population of 20 to 34 year olds, increasing 8.3 percent since 2010. Buffalo is also attracting a higher percentage of millennials than Albany, Cleveland and Pittsburgh.
This population influx is creating a new vibe that you can feel. As millennials age up, marry and begin to have families, they are looking for additional housing options, including more livable space, which they are finding in the suburbs.
Zillow, an online real estate and rental marketplace, surveyed 13,000 homeowners, sellers, buyers and renters. “Millennials are shaping the market more than anyone realized,” said Jeremy Wacksman, Zillow Chief Marketing Officer. “In fact, half of all buyers are under 36 and half of all sellers are under 41.”
Researchers were surprised to learn that nearly half of all millennials live in suburbs, while one-third are living in urban centers.
The National Association of Home Builders tracks new housing trends, and while millennials are very different from their parents in myriad ways, a majority prefer single-family, suburban homes, just like their parents.
Technology is key for millennials.
They are connected all the time and are looking for the latest technology, energy efficiency and more casual spaces in the homes they are buying. That is why homebuilders are designing and building homes with security systems that can be operated and monitored from a smartphone, homes that meet Energy Star requirements and spacious kitchens designed for cooking as well as entertaining.
New York is doing its part to make homeownership more affordable for millennials. Governor Andrew M. Cuomo’s $5 million “Graduate to Homeownership Program” gives recent college graduates an incentive to buy a home through subsidized low interest loans, assistance with down payments and education on the home buying process. This program is designed to give young people another reason to remain in Upstate New York, and keep the momentum moving in the right direction.
Homeownership can be a challenge, especially for young people, but as our region continues to attract more and more millennials, their energy, innovation and their optimism will contribute to a better quality of life for Buffalo and Western New York.
Originally published in The Buffalo News Homefinder Extra, June 10, 2017