Millennials are moving to smaller, “secondary” cities like Atlanta, drawn to their mix of affordability, culture, and pedestrian-friendly neighborhoods.
“In Atlanta, Millennials make up about 38% to 42% of all homebuyers,” says Jeff Beal, Managing Partner of The Agency North Atlanta. “With a median age of 30 to 35, many are first-time buyers, representing 60% to 65% of local sales.”
Simply put, this generation packs a punch in purchasing power. Jeff breaks down the hottest neighborhoods, must-have amenities, and their preferred ways to communicate with agents. And, to learn more about Millennials’ real estate preferences and buying trends, see our In the Knows on their migrations to other secondary cities like Salt Lake City and Denver.
What neighborhoods in North Atlanta are attracting Millennial buyers most right now?
There are a few neighborhoods and areas around Atlanta that have an appeal to Millennial buyers. Old Fourth Ward which is just east of downtown Atlanta, and next to the Atlanta BeltLine, has been revitalized with great restaurants/bars and cool shopping. East Atlanta Village is another magnet for millennials due to its mix of bars and music venues.
What do you think is attracting them to these areas?
Millennials are moving to these neighborhoods for their diverse culture, cool hotspots, and affordability.
What makes Millennial buyers different from other generations of buyers?
In working with Millennial buyers, we’ve found that they have several things that appeal to them. They prefer urban living, walkable neighborhoods close to amenities, and attractions. Millennials are tech-savvy and rely on mobile apps and communicate primarily via text messaging. Plus, they are more in tune with sustainability and tend to lean toward more energy-efficient homes.
Where do you see Millennial buyers coming from?
Millennial buyers are moving from New York and California due to the lower cost of living and affordability in Atlanta, as well as Chicago seeking milder weather.
When it comes to owning a home, what amenities do Millennial buyers prioritize?
They love smart home technology, having a dedicated home office, private outdoor living spaces, and pet-friendly condo buildings.
What are your predictions for Millennial buyers in your real estate market? What can we expect to see this year and into the future?
Millennial buyers will continue to prioritize affordability and work-life balance in Atlanta. Since Millennials are tech-savvy, as agents, we can expect to adapt to their desire for more virtual showings and the potential of digital transactions.
