Distinctly Montana Magazine

D I S T I N C T LY M O N TA N A • S U M M E R 2 0 1 6 114 MONTANA REAL ESTATE MILLENNIALS AND HOUSING is segment of the popula- tion makes up nearly 36% of home purchases and has the ability to truly stimulate real estate markets once they make the decision to purchase a home. So where will they chose to settle? at is a mixture of finding a market where they can start on their career paths and take advantage of a lively social setting, yet also being able to afford what the housing market has to offer. Realtor.com® published a forecast of which cities they anticipate will feel the effects from an influx of millennial home buyers. e Top 10 list from first to last includes Atlanta, GA; Pittsburgh, PA; Memphis, TN; Boston, MA; Austin, TX; San Diego, CA; Seattle, WA; Houston, TX; Denver, CO; and Charlotte, NC. Median home listing prices vary in these markets from a low of $149,000 in Pittsburgh to $585,000 in San Diego. All of these cities are experiencing rebirths of their downtown with massive infill developments that create walk and bike friendly neighborhoods and the "urban edgy" vibe. e National Association of REALTORS® published information last summer pertaining to this generation's affinity for walking as a preferred mode of transportation, with further support for biking and an increase in public transportation. A portion of the survey stated, "Millennials are also shown to prefer living in attached housing, living within walking distance of shops and restaurants, and having a short commute, and they are the most likely age group to make use of public transportation." erefore the millennials are purchasing more than just a home, they are buying a neighbor- hood, community, and a lifestyle. Urban areas that are being redeveloped to bring new restaurants, stores and more into areas that were not considered as desir- able have become the new hip, walkable neighborhoods in many cities. Old, abandoned buildings are suddenly given new life, a new role. We are seeing several examples of these national trends emerging in our beautiful state. We have a unique cross- section of vibrant and diverse communities that attract young entre- preneurs and start-up businesses, as well as increased growth in the high-tech industry, medical and sports/recreation sectors. ese higher paying jobs coupled with Montana's amazing outdoor recreational opportunities, and not to mention "a very fun place to live," provide an attraction for millennials to stay or relocate here. As we look around our stunning state, it is always encouraging to see the positive changes happening in our cities and towns. Enhancements made to trails and parks systems, downtown redevelopment, and the overall housing situations are what make our cities better to live in and a draw to those considering moving here. Let's take a look at a few of the more inter- esting highlights from the major markets around the state. e Bozeman community has long been ahead of the curve on parks and trails, but the concept of using them for commuting to work is a newer model. ere has also been a great emphasis on revitalizing downtown Bozeman and the neighborhoods that are within walking distance. A very successful example of new construction is Block M, The Millennial Generation is garnering much national attention for their spending patterns, use of technology, how they make buying decisions, and even their preference in housing styles and community amenities. is generation, estimated to be about 79.8 million in the United States, is between the ages of 18-34 years. Wielding an enormous influence since they have entered the workforce, they are a major component of overall market conditions and strong influencers of many emerging trends in real estate development across the country. Interest- ingly enough, those trends are being embraced by multiple generations and are occurring across Montana. Casey's Sky Bar, Whitefish Lark and Baxter Hotels, Bozeman ROBYN ERLENBUSH

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