Is the millennial generation the stabilizing force behind the DC economy?
The millennial generation, a group that includes those currently between the ages of 17 and 31, might make a difference in the market of houses for sale in Washington, DC. According to the 2010 U.S. Census, 66.4 percent of the district's population included residents between the ages of 18 and 65. Millennials might find now to be an ideal time to purchase a home in the district, and those who make these investments could help further stabilize the local economy.
Recent data indicates many foreclosed properties are available throughout the district. NeighborhoodInfo DC, a community-based research and analysis group, compiled information about DC's inventory of foreclosed houses in 2011, and unveiled several findings that provide insight into the district's real estate market and its buyers.
According to the group's Summer 2011 report, the regional foreclosure rate rose 0.2 percent between March 2010 and March 2011. Additionally, Arlington County, Virginia, displayed the lowest foreclosure rate (0.8 percent), while Prince George's County, Maryland, had the highest (5.3 percent).
This data indicates more people could be considering property in Arlington County. Let's examine some of the possible reasons behind this trend.
Arlington County residents can get to DC quickly, as it is roughly four miles from the district. The area features several programs that help Millennials stay active.
For example, the WalkArlington initiative promotes the use of the county's neighborhood routes to travel across the area. Walking serves people by helping them save money on transportation while also giving them an opportunity to stay healthy and enjoy the great outdoors.
Community advocates helped develop this initiative, and safe routes have allowed county residents to embrace the benefits of walking. In the future, business owners, public artists, urban designers and others could continue to work together to further promote walking.
With a home in Arlington County, residents can enjoy walking the streets in a comfortable, open atmosphere, and could find affordable properties in this area that is adjacent to DC.
Future of the DC housing market
The Wall Street Journal notes that the Millennial Generation represents nearly one-third of all home purchases in the United States. Glenn E. Crenlin, a spokesperson for the Runstad Center for Real Estate Studies at the University of Washington, told the news outlet that recent data shows approximately 900,000 millennials own homes in the United States, an indication that more people from this group could pursue homes over the next decade.
"Given these data, what we're looking at in terms of the millennial generation is likely only a delay in homeownership of three to five years, not a long-term trend away from homeownership itself," Crenlin said.
Millennials would be wise to consider properties for sale in DC, as the area features investment and recreational opportunities to residents in this age group.