Charlotte is one of the top U.S cites for younger adults who hope to rent but a new study only tells part of the story regarding millennial neighborhoods.
According to a new report from RentCafé., Charlotte ranks No. 6 on a list of places that are most desirable for adults ages 24 to 39, also called millennials or Generation Y. The study looked at 61 cities with populations over 300,000.
5 Points Realty agrees that Charlotte is a great place for millennials but the rhetoric that the demographic isn’t interested in buying isn’t at all what we experience.
We work with millennial and Gen Y buyers extensively to purchase property on a regular basis.
Having said that, these first time home buyers ARE coming from the rental market, which indicates millennials are definitely comfortable renting too.
Charlotte is, in fact, a tremendous draw to millennials and Gen Y folks for many reasons.
However, there is a distinction in the areas in which those groups are renting and buying.
Renters love the 4 wards of uptown and South End. They have a lot of options in these areas. There is a tremendous concentration of rental buildings in these fantastic walkable neighborhoods.
When millennials get serious about buying, they shop in very different neighborhoods in Charlotte. We have noticed a few neighborhoods that really appeal and seem to target our millennial buyers.
Windsor Park East
This is the last neighborhood heading East that still has a 28205 zipcode. This is a 50’s subdivision featuring well-built homes with relatively large lots. The home styles are ranches and split-levels. The square footage is also a good size with the average around 1500 sq/ft. They also, mostly, have the magic combination that many homeowners are looking for: 2 full baths and 3 bedrooms. The price point in this neighborhood is good too. There has been a lot of flipping of these cool mid-century homes and just recently we have seen some new homes replacing the older models.
Oaklawn
This is a great little area that is really hopping and drawing a lot of millennial energy. Oaklawn is on the Northside of Charlotte really close to uptown and just off Beatties Ford Rd. Oaklawn is also a corridor that joins the W. Side Biddleville and McCrorey Heights communities to all the excitement that is happening on the North End. Millennials love renovation, re-use projects especially like Camp North End and Optimist park. All of that is really close to the Oaklawn area. This area has a lot of cool new construction going on and, maybe most importantly for first-time buyers, the price point is affordable.
Enderly Park
Enderly Park was the place to invest in a few years ago. Now it’s just the place to live. Enderly Park is part of the FreeMoreWest area of Charlotte that is getting a lot of attention right now. The houses are a mix of styles to include some 40s bungalows, 50 ranches, and new construction. This area is really close to the Charlotte Douglas Airport and Camp Greene Park.
Starmount and Montclaire
Gotta represent the South Side. As the energy of South Blvd keeps barreling down South Blvd., these neighborhoods have become part of the South Blvd Scene. Starmount is walkable to the Olde Mecklenburg Brewery complex, a popular spot to be sure. In that small area are several drinking establishments and activity businesses that offer the prime opportunity for some adult fun.