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30
Real Estate In Iowa and the Quad Cities Area Shifting to Attract a Younger Generation
With young families and Millennials now looking for alternatives to the brutal housing market in most major cities across the United States, the Quad Cities area has become a bright spots in a very competitive time. Between Davenport and Bettendorf in Iowa, and Rock Island, Moline and East Moline in Illinois, this area has a lot to offer young families and is on a path of growth, hoping to attract and retain new, young resident and bring new talent to the job market. Iowa, in particular, is going to great lengths to attract Millennials. In April, the Iowa senate passed a bill that would support the growth of recreational and cultural activities throughout the state in an effort to stay competitive in the job and housing market and boost economic development. Sen. William Dotzler, D-Waterloo, believes that young talent is searching for and accepting jobs outside of Iowa and that the answer lies in offering a "good quality of life with outdoor and cultural activities" in both urban and rural communities throughout the state. The foundation of this plan to grow and promote a good quality of life hinges on trends in local real estate and the housing markets overall appeal to a younger generation. With a hope to bring young talent to Iowa in order to fill good, well-paying jobs that they are currently struggling to fill, they must understand the mindset of the generation they are hoping to reach. When you hear a buzz about "millennials" it is usually in reference to the tech industry, an abundance of entrepreneurs, and a generation with a strong case of wanderlust. They have a reputation for not settling down, waiting longer to start a family, and favoring a rental in a city over homeownership. This has not always been a trend by choice, with foreign investors influencing a large and unobtainable cash market in big cities like San Francisco, however, in 2015 there was a shift in the housing market for this generation. The National Association of Realtors reported that this demographic (between the ages of 25 and 34) now makes up the largest share of homebuyers with a preference for "smaller units closer to the urban core." This mindset of quality over quantity is starting to shape the housing market in cities and surrounding communities all over the nation. The reason this generations is attracted to larger cities and have been willing to pay the ever increasing rental prices (as opposed to homeownership in the suburbs) is due to the fact that a city has more to offer in ways of food, entertainment, activities, transportation, education, and so on. Valuing lifestyle over the square footage of a home, Sen. Dotzler of Iowa is not far off the mark in his hopes to boost recreational and cultural activities in order to attract this younger demographic. With this generation now moving towards homeownership in or close to a city center, improving the quality of these areas will encourage growth and permanency among new and existing Iowa residents. The job market is also a huge factor for Millennials and where they decide to put roots down, making Iowa an extremely appealing choice. Iowa was recently ranked number four on a list of employment destinations for recent college graduates in 2016 with an unemployment rate of just 5.8%. With a focus on economic growth and quality of living, there has already been a slight boom in the housing market in the Quad Cities area. With future plans to revive the cities and surrounding neighborhoods, the Quad Cities will become a housing market hot spot for the younger generation.
- http://www.desmoinesregister.com/story/news/politics/2016/04/06/plan-strives-attract-millennials-iowa/82710732/
- http://www.desmoinesregister.com/story/news/politics/2016/04/06/plan-strives-attract-millennials-iowa/82710732/
- http://money.usnews.com/money/personal-finance/articles/2015/08/05/why-millennials-are-dominating-the-housing-market
- http://money.usnews.com/money/personal-finance/articles/2014/12/09/what-real-estate-trends-to-expect-in-2015
