The Millenials : Myths and Realities

1. The Millenials: Myths and Realities Tuesdays at APA – DC June 24, 2014 Howard Ways, AICP Executive Director The Redevelopment Authority of Prince George’s County, MD

2. (Not so) Famous Quotes By (and about) Millenials “Professor Ways, I don’t ever see a time when I can afford a car.” “Millenials are so lazy! And all they care about are themselves.” “We planned the March on Washington before there was social media.”

3. Who are the Millennials? 80 million people Born between 1982 and 2003 Most ethnically and racially diverse group Postponing marriage and having kids Student loan debt will be their largest debt well into their thirties

4. Who are the Millennials? More mobile in their job search More likely to live in first ring suburbs and urban areas Less interested in larger homes 25% to 33% would pay 5% to 10% premium to live within a 10-minute walk, bike ride or short car trip to get to work or retail services More than half (54%) would consider moving to another city if it had more and better transportation options

5. Who are the Millenials?

6. Who are the Millenials? • 66% say access to high quality public transportation is a top three criteria when deciding where to live • 86% say that it is important that their city offer a low-cost public transportation system with affordable fares. • Almost two-thirds (64%) say that the expense of owning a car is a major reason they want be less reliant on one. • Nearly all Millennials (91%) believe investing in quality public transportation systems creates more jobs and improves the economy.

7. Who are the Millennials? Bike More and Drive Less

8. Who are the Millennials?

9. Millennial Myth – Not Interested in Homeownership 84% of 18-34 year olds who currently rent intend to buy a home even if they currently can’t afford to do so More Millennial homeowners (900,000) than Baby Boomers (500,000) when they were at the same point in their lives. (American Community Survey) 64% surveyed said it was “very important” to have an opportunity to own their own home Student loan debt + cost of college degree + lack of employment are forcing many younger adults to rent out of necessity rather than preference

10. Millennial Myth – Prefer Large Cities • 43% prefer suburbs 39% favor city living (Pew Research Center) • Favor compact walkable communities: • 59% said they prefer their neighborhood to have a variety of housing types • 62% favor mixed-use developments with shops, restaurants and offices with shorter commutes to work • 52% like pedestrian-friendly neighborhoods

12. Millennial Preferences • Compact walkable communities • 55% said close proximity of their home to public transportation is important • 13% carpool to work (RCLCO) • 33% are willing to pay more to walk to amenities • 7% walk to work (RCLCO)

13. Millennial Preferences

14. Millennial Preferences 88% want to be in an urban setting

17. Strategies for a 21ST Century County Walk to the future It easy being green!

18. WalkUPs National Capital Region • District of Columbia - 18 • Montgomery County - 7 • Arlington County - 7 • Fairfax County - 6 • Prince George’s County- 2 • Alexandria – 2 • Frederick County – 1

19. WalkUPs • Since 2009, WalkUPs in the region have seen 42% of new apartment development, up dramatically from 19% between 2000 and 2008, and 12% during the 1990s • Change for offices, 59% of the space delivered since 2009 was in WalkUPs, up from 49% between 2000 and 2008 and 38% in the 1990s

20. WalkUPs 4.6 million of the 5.5 million square feet of office space under construction in the region (84%) is within a quarter mile of a Metro Station According to Metro, 28% of the region’s real estate value is within a half-mile of Metro stations, even though that property constitutes only 4% of the land area

21. Walkable Future Instead of this… BUILD THIS!!!

24. Walking Biking Connections Prince George’s County • 0 stations Montgomery County • 46 stations Arlington County • 65 stations

25. We are not Toronto, but…..

28. Healthiest Places to Work • Fairfax County – 13 • DC – 12 • Montgomery County – 11 • Arlington County – 5 • Alexandria – 3 • Loundon County – 3 • Prince George’s County - 2 • Prince William County - 1

29. It is easy being green

30. Who is it for? “But in many cities, developers, upon discovering the profitability of quaint architecture, walkability and transit access (all pillars of New Urbanism), have helped turn what should be very basic neighborhood amenities into marketable commodities for luxury housing.” - Mark Byrnes is an associate editor at CityLab

31. Model for the 21st Century Academic Village – Colorado State University Promote entrepreneurship and innovation Foster multigenerational collaboration Incorporate state of the art green building Integrate sustainable business practice Promote healthy living lifestyle

36. Millenial Villages

37. Is Your Community Millenial Ready? Walkable, bikeable, less auto dependent Locate amenity rich, diverse housing appropriately near transit Promote a healthy lifestyle in the workplace Cultivate and nurture entrepreneurs Promote sustainable business practices Embrace green infrastructure investments Use the technology of the collaborative economy

38. Sources Rockefeller Foundation and Transportation for America Survey (2014) Price Waterhouse workplace survey (2013) Washington Post: “ March of the Millenials” (2013) Fannie Mae Renter Survey (2012-2013) United States Census Burea report (2012) William Frey, Senior Fellow with the Brookings Institution’s Metropolitan Policy Program (2012) Pew Research Center: “ Millenials A Portrait of Generation Next (2010)

39. Howard Ways, AICP Executive Director hwways@co.pg.md.us www.princegeorgescountymd.gov/RDA/ Redevelopment Authority of Prince George’s County 9200 Basil Court, Suite 504 Largo, MD 20774 301-883-5300 Follow and "like" the Redevelopment Authority of Prince George’s County on Facebook