Millenials Choosing Older Homes Closer In? (Arlington, Reston: renting, condos, houses)

[CAVA1990]

According to one of my Millenial kids, newly married couples that age are choosing older SFHs closer in in established neighborhoods rather than similarly priced but larger ones out in the exurbs. Annandale seems to be an area that's particularly attractive with that group as prices there are relatively reasonable. Anyone else seeing this as an emerging trend? What do you think are some implications of it?

[Caladium]

It would be nice to see that happen in Annandale. At the same time, I continue to see the houses in my outer 'burb neighborhood selling fairly fast, and the people buying them are young couples. So I guess there continues to be quite a market for homes out here, trendy or not.

As a parent of four young adults, one thing I've noticed is that young adults like to make predictions about how everyone will be moving closer to the cities and away from the suburbs. They were doing it way back when I was a teen, too. So maybe it's true, or maybe it's mostly wishful thinking. Either way, it's nice to see Annandale being praised as a place to move to.

[springfieldva]

I think that gas prices might have something to do with it. They want to live closer to where they work.

If they work in Loudoun they live in/near Loudoun. If they work in DC/Fairfax, they live near DC/Fairfax.

[CAVA1990]

Originally Posted by Caladium

It would be nice to see that happen in Annandale. At the same time, I continue to see the houses in my outer 'burb neighborhood selling fairly fast, and the people buying them are young couples. So I guess there continues to be quite a market for homes out here, trendy or not.

As a parent of four young adults, one thing I've noticed is that young adults like to make predictions about how everyone will be moving closer to the cities and away from the suburbs. They were doing it way back when I was a teen, too. So maybe it's true, or maybe it's mostly wishful thinking. Either way, it's nice to see Annandale being praised as a place to move to.

I'm wondering if there may be some difference in the profiles of folks buying further out than closer in. My kids's friends mostly grew up in closer in communities and haven't yet had many kids of their own. Will be interesting to see if they remain close in or head further out after their families grow in number. In any case, one positive impact I see is for inner burb home improvement stores as these older homes often require some repairs and modernization.

Apparently in Annandale many of the residents selling to them are Asian Americans moving to Centreville and McLean.

[seiketsu]

The millennials I know either still are renting with no plans to buy or choosing condos in DC and Arlington. I know two couples under the age of 35 who have bought actual houses (one in Annandale, one in Falls Church). Which is a big change from when I first moved to DC, when most of my coworkers (then late 20s / early 30s, who would now be in their early 40s) were buying houses in Reston, Sterling, and Ashburn.

[Nancy in Nokomis]

I dont know if that is really true. I guess the younger people have more energy to fix up the old junky homes closer in. I used to love homes with "character" but now I just want new and nice.

[springfieldva]

Originally Posted by Fairfax Mom

I dont know if that is really true. I guess the younger people have more energy to fix up the old junky homes closer in. I used to love homes with "character" but now I just want new and nice.

Yes. But once you fix the older homes up, they can feel pretty new and nice, too. Plus, the older homes tend to have bigger yards for the kids and dogs to play in.

I think the Annandale area is getting a new school, too, although I haven't been following any of the details on that. Plus, some of the surrounding areas are getting some retail makeovers, so that might also be attractive to the younger set.

And, last but not least, not all areas of Annandale have the exact same feel to them. There is downtown 236/Heritage Drive/Columbia Pike Annandale and there is Woodson Annandale. Not sure which of those areas is "hot" right now.

[scottfs]

Originally Posted by CAVA1990

According to one of my Millenial kids, newly married couples that age are choosing older SFHs closer in in established neighborhoods rather than similarly priced but larger ones out in the exurbs. Annandale seems to be an area that's particularly attractive with that group as prices there are relatively reasonable. Anyone else seeing this as an emerging trend? What do you think are some implications of it?

I did exactly this. When newly married I bought an early 60s rambler in a very nice established Annandale neighborhood rather than live way far out. This was about 3.5 years ago. Do I count as Millennial? I am now in my late 20s.

I am seeing more younger families moving in around our age. I like our house and neighborhood but not sure we will stick around when we have school age kids. (Still 6-7 years away.)

[FCNova]

What is the current millenial age range, 20s to early 30s or something like that? I think alot of it may have to do with having kids. I'm in my mid 30s with kids and I know my mentality has definitely changed on housing in the last 5 years. I used to prefer location over size/newness of my residence. It has flipped since the kids came along and I'm pretty sure our next move is going to be further out to get a larger house.

[Jayess1]

Originally Posted by FCNova

I used to prefer location over size/newness of my residence. It has flipped since the kids came along and I'm pretty sure our next move is going to be further out to get a larger house.

This. It's not news that a youngish cohort prefers living in groups of similar age/culture/etc., and then moves out/away upon establishing one's own space. We see similar patterns in all organized human groupings - tribal, city/state, whatever.
What's funny is the hyperventilating "looook, they're going to rebuild/revamp/restore/whatever the cities" line accompanying such observations...