Despite satisfaction with housing; many still planning to move in next five years

Within the next five years, nearly half of Americans, including 75 percent of millennials, plan to move.

The Urban Land Institute (UIL) recently released “America in 2015,” a report on a survey asking residents what they want in their community. Eighty-four percent of respondents said they are confident they will be able to afford to own or rent the kind of home they desire within the next five years.

Due to the millennial population being so large, their plans to move have a huge impact on the housing industry. Most millennials said they prefer communities that are walkable and bikable. More than half of millennials, 63 percent, prefer to live somewhere where they do not frequently need a car. Millennials also typically prefer a more diverse community.

“While a plurality of millennials would live in cities if they could live anywhere, a majority say they want single-family homes and believe they will be able to achieve that goal. Millennials represent a strong driver of demand for compact, mixed-use development formats, in suburban or other locations,” the report stated.

Across all populations, 87 percent of respondents said the quality of the environment is important in regards to their housing choice. More than half of respondents want to live in a walkable community, which includes sidewalks and pedestrian crosswalks. A third of those surveyed said public transportation is an important priority.

UIL noted that residents of rural communities and small towns tend to be older, less culturally diverse and have a wide range of incomes. These residents are 78 percent white, 9 percent African American and 6 percent Latino. Of these residents, 26 percent are millennials, and half of these residents are age 50 and older. Nearly a third of these residents said they are low income.

Suburban residents tend to be similar in age profile to those in small towns and rural areas, but a larger percentage, 35 percent, are baby boomers. These residents are 73 percent white, 11 percent African American and 10 percent Latino. Less suburban residents claim they are on low income, with only 20 percent reporting that.

Cities tend to house younger residents. Of those surveyed, 42 percent millennials and 23 percent Gen Xers were city dwellers. A third of city residents are 50+.  Cities are more diverse, with 59 percent white, 16 percent African American and 17 percent Latino (17 percent). Similar to rural areas, around a third of residents reported they are low income.

Ninety percent of moderate-and high income residents are satisfied with their housing, with 82 percent of low-income respondents claiming they are satisfied.

This survey was conducted with a sample of 1,202 respondents.