A new report from the Urban Land Institute, Bay Area in 2015, analyzes the housing, transportation and community preferences of residents in the Greater San Francisco Bay Area. Among other preferences, the survey found that the majority of Bay Area residents prefer neighborhoods that are walkable and would like to see more bike lanes built in their communities. Bay Area residents are also more interested in apartment living than the rest of the nation. Despite having doubts about whether they can afford to buy a home–only 40 percent say they are “very confident” they will be able to buy the home they want in five years–aspirations remain high, with 70 percent of Bay Area residents saying they expect to own their home in the next five years.
In particular, Millennials find it harder to get established in the region, because of the high price of homes in neighborhoods with the qualities they desire. The report finds that 74 percent of Millennials living in the Greater Bay area are considering moving over the next five years, and affordability issues suggest they may move away. Just 24 percent are very confident that they will be able to own or rent their desired home in five years, much lower than Gen Xers (38 percent) or Baby Boomers (49 percent).
Bay Area in 2015 is based on a survey of 701 adults in the Greater San Francisco Bay area that was conducted during February 2015 as a companion to a national survey, ULI’s America in 2015 report, which was released last spring. Visit the ULI San Francisco District Council for more information.