Via Washington Post: Despite affordability barriers, millennials want to stay in D.C. for the long term, survey says

by Executive Housing Consultants, Inc 01/18/2019

By Michele Lerner
January 15

Although some millennial residents of the District and its inner suburbs have left the area in search of affordability or job opportunities, the majority plan to stay in the city. That’s according to a recent survey by ULI Washington, which is part of the Urban Land Institute, a nonprofit education and research organization. 

Those millennials who move out of the area appear to be quickly replaced by young people new to Washington. Half of those who responded to ULI Washington’s survey said they “love D.C. and plan to stay forever.” While 62 percent of respondents live in the District, 38 percent live in suburbs inside the Beltway in Maryland and Northern Virginia. 

About half of the older millennials (age 33 to 40) are homeowners and about three-fourths of the younger millennials (age 23 to 32) are renters. 

Economists have been watching millennials in anticipation of how their behavior might change as they get older, marry and start families. Eighty percent of respondents in this survey don’t have children now. Fifty-nine percent of District residents surveyed said they don’t have children and don’t expect to have any by 2021, compared with 45 percent of suburban residents surveyed. 

The survey found that compared with the 2015 survey, more millennials are becoming comfortable with the idea of living in the District or its inner suburbs for the long term and the idea of raising a family in the city. The share of respondents who said they can’t envision raising children in the District shrank to less than 20 percent, compared to 30 percent in a similar survey in 2015.

About the Author

Executive Housing Consultants, Inc

Executive Housing Consultants, Inc. is the residential real estate company specializing in the rental and management of luxury properties in the Washington Metro area. This includes Chevy Chase, Bethesda, Potomac and North Potomac, Maryland, Upper Northwest Washington, DC, and McLean, Arlington and Great Falls, Virginia. Executive Housing Consultants was founded in 1983 to provide exceptional service and management of high-end rental housing. Our founders, Libbie Mathes and Rochelle Scissors, traveled the world and were disappointed with their experiences with the leasing and management of their homes in the Washington area while abroad. They recognized the need for a well-run, property management company. Libbie and Rochelle believed they could manage and run a rental real estate firm more efficiently than any of the companies they had dealt with during their time away. They also discovered the need for quality temporary housing in Washington. So they created our short-term furnished portfolio to serve those visiting Washington for a temporary stay and those relocating to the area that need a furnished property while they looked for a permanent housing solution. In 1997, Brian Ridgway took over Executive Housing Consultants and has continued our strong reputation of offering high-quality, upscale temporary and long-term rental real estate. Mission Statement Executive Housing Consultants Inc. is a leader in providing luxury temporary housing to our clients in the Washington Metro area. Our pledge is to offer exceptional housing and superior service while maintaining the highest level of integrity and strict ethical values. In addition, we promise to: Be loyal to our clients. Protect our clients’ interests in all matters. Promptly and diligently respond to our clients’ needs and the needs of their properties. Remain the experts in our industry. Why Are We Unique? We are truly the experts in this industry. Leasing and managing rental properties in the Washington Metro area is our niche; it is ALL we do. We offer unparalleled expertise, service, and value to our clients. In addition: Our contact and referral network is vast. We set the standard for world-class service in our industry. We are your link to success, whatever your residential rental needs maybe. Our clients own some of the most valuable real estate in the Metropolitan Washington, D.C. area. Contact Executive Housing Consultants Inc. for more info! Phone: (301)951-4111 | Email: [email protected]