What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

How real estate agents can increase profitability in 2021

As real estate professionals strategize on how to do business in this competitive, fast-paced market, they’ll discover the need for better tools to market their listings.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

[Video] Where are older Millennials going when they leave downtown?

The shift to the "surban"

The trendiness and appeal of downtown may still be there for some, but as young adults start to grow older, they’re more tempted to trade in their reverse commutes and crowded shopping centers for a simplified version just outside the city.

But it’s not exactly the suburbs they’re heading to. Instead, Millennials are moving to urban-like developments in the suburbs. A new report from John Burns Real Estate Consulting dubbed these types of areas “surbans.”

The report highlighted the Philadelphia metro as an example of the geographical trend.

“The top-grossing restaurant in the Philadelphia metro used to be a French bistro in ritzy Rittenhouse Square, but a suburban mini-chain is now hot on its heels. Philadelphia restauranteurs scoff at its success because City Works lies 20 miles outside of the actual city in the mixed-use Village at Valley Forge in King of Prussia, Pennsylvania,” it stated.

The previously run-down area, best known for its regional mall and empty, dated office buildings, was transformed into a trendy hotspot. The article stated that the suburban Village at Valley Forge now offers a full calendar of community events, 24-hour Wegmans, REI, several healthy fast casual restaurants, bike trails, walking trails, and a new Children's Hospital of Pennsylvania.

And as a result, older Millennials have traded in living downtown for more of a middle ground: the surban.

Philadelphia isn’t the only metro experiencing this, the report noted.

For example, an article in The Dallas Morning News by Steve Brown recently spotlighted a new surban just north of Dallas in Plano, Texas.

The Legacy West Urban Village in Plano features more than 300,000 square feet of shops and restaurants, about 300,000 square feet of office space, more than 1,000 apartments and a high-rise hotel.

Check out the video below of a quick list of the top perks older Millennials leave the city for.

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