Hipsterburbia: A Top Real Estate Trend to Watch in 2020
In a town like Asheville, the word “hipster” has almost been weaponized. It’s sometimes used to describe people outside of our own groups, those who may be faking it. But the term has taken on new meaning in real estate when mashed into a portmanteau with “suburbia.” Thus, Hipsterburbia was born.
The concept isn’t exactly new. In 2013, The New York Times shared a story about the hipsterburbia experience sprouting up near New York City. It started as the cost of living rose in what used to be an affordable part of New York. Brooklyn, specifically Williamsburg, was once a haven for the counterculture of the area but as prices rose, those who created the culture were pushed out. Instead, they took what made the neighborhood unique and set up again in a more affordable area.
This trend has been spreading throughout the U.S. over the last decade. And we’re expecting it to affect Asheville and the surrounding areas.
It’s clear that many of Asheville’s most colorful characters are buying homes in the outlying areas, as far away as Fairview, Canton, Mills River, and even Flat Rock. So, how does something get classified as “Hipsterburbia?”
Cheaper Prices, Higher Density
The single biggest factor that’s driving younger homebuyers out of city centers is the price. We are keenly aware that the home prices in Asheville are extremely high. We also know that the city council and other local organizations are trying to remedy this situation, but the government runs slow. So one way many young people are taking matters into their own hands is by moving to cheaper areas.
But it’s also been demonstrated that this demographic likes the amenities of living within a city. Therefore, the ability to build walking communities at a lower price is attractive for a number of reasons.
Targeted Businesses
What will drive the creation of these communities is the willingness of businesses to also relocate to these areas. Targeted businesses will draw people in and create the hipsterburbia culture of each defined area. For example, one of the things people love about Asheville is the availability of yoga studios. A yoga studio in a walkable, inexpensive community would attract patrons. The same is true for many restaurants and coffee shops.
Demographics and Expected Trends
Hipsterburbia enclaves all across the country have just a few things in common. From the communities outside of Austin to those near New York, they cater to young people who want a city lifestyle but affordable mortgages.
They are, generally, suburban neighborhoods. We see them in areas around Asheville such as Arden, Black Mountain, Fairview, Candler, and more. While they haven’t quite reached the size or scope of Texas of New York, they’re well on their way. And as Asheville continues to grow in tourism, millennials are choosing suburban lifestyles.
However, this isn’t something new for the demographic. Just like Baby Boomers before them who also left cities for suburbs, they’re simply looking for a different way of life; that the suburb is being transformed, that’s the millennial twist.
For these reasons, it’s not only important for homebuyers, and sellers, to understand the shift toward suburban environments but for real estate professionals to understand the trend. Looking at what younger homebuyers really want in a live, work, and play community means a good mix of affordable homes and access to desirable businesses is essential.
To find out where you can buy and how much you can afford, contact Zachery Adam and the team at GoPrime of West Asheville. Call us today.
