What Millennials Want

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1 Young Leaders Group Presents: What Millennials Want Monday, November 9, 2015

2 Difficult Public Perception

3 < Total Population (Ths.) Ride the Wave The Millennial Population Wave has arrived There are approximately four million more Millennials today than there are Baby Boomers 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Source: Moody's Analytics; BLS Age

4 Austin San Francisco San Jose Houston Dallas - Fort Worth Raleigh Denver Salt Lake City Charlotte Seattle Orlando Portland New York San Diego Atlanta Boston Durham Washington, DC Baltimore Minneapolis Miami Riverside United States Oakland Los Angeles Fort Lauderdale West Palm Beach Orange County Philadelphia Chicago Phoenix Las Vegas St. Louis Newark Total Employment Change as a % of Peak Not All Cities Were Created Equal While economic growth has reach across the country, some cities are doing better than others Cities with designated industries like Tech and Energy are outpacing the pack 25% Peak to Trough Trough to Sep Sep Sep Peak to Sep % 15% 10% 5% 0% -5% -10% -15% Source: Moody's Analytics; BLS

5 % of Population Between years 32% Not All Cities Were Created Equal While economic growth has reach across the country, some cities are doing better than others Cities with designated industries like Tech and Energy are outpacing the pack 31% 30% 29% 28% 27% 26% 25% Austin Boston San Francisco Seattle San Jose United States Source: Moody's Analytics; BLS

6 About the survey Online survey of 660 young professionals (20-37, college educated) living and working in Greater Boston area Survey invite distributed via civic and business groups and social media Where respondents live And where they work

7 Views on Millennials What respondents think of themselves (i.e., Millennials ) What they think their elders think of Millennials

8 The T is key for YP s commutes Transit also top of mind when YP s are deciding how to commute to work Transit, Walking, and Biking all Important to Young Professionals Commutes Q: How do you normally get to work or school? Please check all that apply. Subway / Green Line Walk Drive alone Bus / Silver Line Bike Commuter Rail Drive w others Rideshare Shuttle Taxi 6% 6% 2% 1% 13% 24% 22% 26% 39% 49%

9 Ridesharing has taken off Uber far more popular than Lyft among YP s Very few want Uber and Lyft regulated like taxis; more want the opposite. Nearly as many have taken an Uber as have taken a traditional taxi. Q: Which of the following have you used? Click all that apply. Taxi Uber 84% 89% Hubway 39% Lyft UberPool 27% 24% Lyft Line Bridj 2% 5%

10 At work, transit and location are key Proximity to transit is far and away the top workplace feature. Location to restaurants, nightlife also key. 37% work in an open/collaborative space but very few consider that important. 78% % saying each is very important to their satisfaction at work 32% 32% 26% 20% 19% Near transit Near dining / nightlife In-office amenities Bike amenities Eco-friendly / sustainable Open work environment

11 Leave and flex time top work benefits Transit passes seen as more valuable than parking. % saying each is very important to their satisfaction at work Medical leave Flex schedule 68% 73% Transit pass 55% Health/wellness 40% Parking 30% Sustainability initiatives 22%

12 Cambridge, Somerville, JP are hot Q: If you were looking for a new place to live, in which neighborhood or community would you start looking first?

13 What YP s look for in a neighborhood Top 3 factors relate to getting around. Schools, safety shoot to near top of list for YP s with kids. % saying each was very important when choosing neighborhood/community Ease of commute Transit access Walk to amenities Shopping Crime / safety Parks/open space Restaurants/nightlife On-street parking Public schools Bike lanes/paths Diversity 25% 25% 21% 16% 41% 48% 57% 63% 75% 81% 80%

14 Price is top factor when choosing a home Factors like parking, outdoor space more important to current owners and those living in single family homes currently. % saying each was very important when choosing home to buy or rent Price Layout Outdoor space Size Design Off-street parking Bike parking Sustainable features Amenities 8% 6% 11% 18% 28% 36% 41% 51% 88%

15 Much more open to TOD than micro-units, co-hab Only the youngest, lowest income and those living with roommates show much interest in either micro-units or co-housing TOD more popular inside Boston/Cambridge/Somerville than farther out Q: How likely would you be to live in a 74% Micro-unit Co-Hab TOD 70% 84% 29% 15% 25% Very / somehwat likely Not very / not at all likely

16 Renting versus owning Q: Do you currently rent or own your residence? No response, 2% Q: Do you plan on owning a home? Own, 32% Rent, 66% 10% 6% 1% 45% No, never Yes, next 5 yrs Yes 5-10 years 38% Yes, > 10 yrs Don't know / refused

17 Prospective buyers aren t too picky Some preference for buying single family, but most just want to own something. 41% of current owners live in single-family homes Where renters live now What renters would like to buy Apartment/condo (> 4 units) 51% 12% Apartment/condo (< 4 units) 43% 19% Single family 6% 30% Any of the above N/A 38%

18 Urban dwellers, but for how long? Half (49%) see themselves in Greater Boston in 10 years; 31% don t know. One-in-three (29%) don t plan on ever moving to the suburbs. Even higher in Boston Neighborhoods (41%), Cambridge/Somerville (46%). Three-quarters (72%) are planning or open to having kids; those not planning kids more likely to remain in city. 36% % ranking each their first reason for moving to suburbs 30% 20% 8% 2% More space Cost of living Schools Suburban lifestyle Crime/safety

19 Thank You to our Sponsors Lead Sponsor Supporting Sponsors Thank You to our Host

20 Moderator: Nancy Ludwig President, ICON Architecture Panelists: Jonathan Greeley Director of Development Review, Boston Redevelopment Authority Aeron Hodges Designer, Stantec Panel Discussion Julie Perlman Development Manager, Samuels & Associates Hunter Perry Strategic Growth Lead, Compass

21 Thank You to our Sponsors Lead Sponsor Supporting Sponsors Thank You to our Host

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