A recent survey conducted by J Turner Research for the 2014 MFE Concept Community polled the lifestyle preferences of more than 27,000 multifamily residents nationwide. The survey asked participants a series of questions ranging from their decision to live in an apartment instead of a house to how often they exercise and retail stores they would like to see in their community.
Twelve companies participated, distributing surveys to 707 properties across the country. A total of 112,885 surveys were E-mailed to residents with 27,642 submitted, a 24.49 percent response rate.
Among key findings from the survey is that the majority of residents would prefer to live in a house instead of an apartment. Of the 25 percent of respondents who prefer apartment living, Millennials make up the largest portion by generational breakdown at 41 percent with Gen X at 27 percent and Baby Boomers at 26 percent.
A slight majority of residents who participated in the survey also plan to buy a home within the next five years. A total of 51 percent of respondents at an average age approaching 34 plan to buy a home within the next five years.
Of those planning to leave multifamily living, 61 percent are Millennials, 28 percent Gen X, 10 percent Baby Boomers and zero percent Silent Generation (those born 1945 and earlier.) Unsurprisingly, the majority of residents planning to soon buy a home live in suburbia at 52 percent, with 45 percent of prospective home buyers residing in urban areas.
Check back for more key findings on the lifestyle preferences of residents from the 2014 MFE Concept Community Survey.