Young professionals are increasingly buying real estate in downtown areas of major cities to enjoy a vibrant, urban lifestyle. These young professionals are buying homes in these downtown areas because they offer more opportunities for personal growth and networking with other young people.
The decision on where they live is no longer a reaction to the “real world,” but rather a choice young adults are making, the purchase of their first home in a downtown area often being their first major life decision. The region of old Town Scottsdale is a prime example of this trend.
Real estate agents, developers, and homeowners are all looking for ways to attract this growing market to their properties. This blog post evaluates some of the reasons young professionals consider these regions.
Old Town Scottsdale
Downtown Scottsdale is an outdoor shopping, entertainment, and restaurant area. There is a range of housing options located in the area, from luxury apartment buildings to specialty shops and bars.
Furthermore, the nightlife scene in Old Town Scottsdale is well-known. An Old Town Scottsdale condo for sale with two bedrooms’ costs between $200,000 and $400,000. WeWork and Cresa are two companies in the area that cater to young professionals.
Walkability:
The main street has a range of shops and restaurants, so it is very walkable. There are also a few good grocery stores in the area for convenience.
Old town Scottsdale is connected to Phoenix and Tempe by bus and light rail, which also adds to its walkability. In addition, the roads are wide enough to accommodate bicyclists, which adds to its walkability.
Attractions:
Downtown Scottsdale is known for its festivals and events, attracting thousands of visitors. The numerous golf courses in the area also attract many young professionals. The city also hosts a large number of art galleries, making it an excellent place for young professionals to make art-related friends.
Price range of 2-bedroom condo:
The average price for a 2-bedroom condo in downtown Scottsdale is around $400,000.
Companies around the region:
Greater Phoenix Economic Council, Scottsdale Healthcare, CHEATC (formerly Scottsdale Community College).
Nashville
Nashville, the fastest growing city between 2000-2010, has seen a lot of growth in recent years. The downtown area is a popular location for businesses due to its proximity to 1-65 and 1-440. Because the city is so urban, there are plenty of apartment buildings, restaurants, bars, and shopping.
Walkability:
The downtown area also features a lot of good restaurants and bars, making it an excellent walking location. There is also a bus system that connects to the rest of the city.
There are plenty of apartments available in the downtown area as well, so there are plenty of options for housing for young professionals. The downtown area also features a number of hotels, including the chic 5th Avenue Suites.
Attractions:
Nashville is known for its live country music and entertainment, but there is also a lot for young professionals to do in the downtown area. There are several good restaurants and bars and performances at The Ryman Theatre.
There are also parks, including Metro Parks’ Centennial Park. Shopping at Opry Mills Mall is also popular among these young professionals.
Price range of 2-bedroom condo:
The average price for a 2-bedroom condo in downtown Nashville is around $625,000.
Companies around:
Many companies are associated with the downtown area, including CNO Financial Group, Inc., HCA Holdings, Inc., and Vanderbilt University Medical Center.
Austin
Austin is known for its live music, but it also offers plenty in the downtown area. The city is located on a large river and has a lot of parks, including Zilker Park and Barton Springs Pool, as well as the famous 6th Street for nightlife. The city also features many lakes, such as Lake Austin and Lady Bird Lake.
Walkability:
Austin has a lot to offer, but the downtown area also features a number of good apartments and homes to rent. Many parks in the area make it walkable, such as Zilker Park and Lady Bird Lake. In addition, there is plenty of entertainment in the downtown area, including 6th Street.
Attractions:
Austin is home to many professional sporting events, including the Austin Aztex Soccer Club and the Austin Spurs basketball team. There are also many great music venues, such as the Austin Music Hall, which has live acts at night.
Price range of 2-bedroom condo:
The average price for a 2-bedroom condo in downtown Austin is around $459,000.
Companies around:
The downtown Austin area is home to many large companies, including 3M, Dell, and the University of Texas. There are also several startups in the area and students from the University of Texas.
Raleigh
The downtown area of Raleigh has grown a lot in recent years. There are several good restaurants and bars and an active nightlife on the main Street. There are also a number of museums and art galleries in the area and parks for entertainment.
Walkability:
Raleigh’s main Street is very walkable, with a range of shops and restaurants located on both sides. There are also several good grocery stores in the area. The downtown area is also connected to the rest of Raleigh by bus, which makes it a very walkable city.
In addition, there are several nice parks in the area, including Campbell Square and Moore Square. These parks make it even more walkable because they provide places to dine outside and other entertainment activities.
Attractions:
There are several great restaurants in downtown Raleigh, including The Ritz-Carlton, Bacchanal, and the Tavern. There are also many museums and art galleries in the area that attract young professionals.
The PNC Arena is located downtown, so it is a great place to catch an NHL hockey game or to see a concert.
Price range of 2-bedroom condo:
The average price for a 2-bedroom condo in downtown Raleigh is around $699,900.
Santa Fe
Santa Fe is known for its art and culture, with several art galleries in the area. There are also numerous festivals that attract a lot of young professionals. There are several parks and places to dine and drink outdoors.
The downtown area also attracts a number of young professionals because it is said to have more restaurants per capita than any other city in the U.S.
Walkability:
The downtown area has several good grocery markets, including Grocery Outlet and Smith’s Food King. There are also several affordable apartments and homes in the area. The downtown area is also walkable, with a number of small shops in the area. There are also many large stores, including Whole Foods Market and Target.
Attractions:
Several bars and restaurants are located on Canyon Road, which is one of the most well-known streets in the downtown area, which makes it very appealing to young professionals.
There are also several art galleries located in the area. The Downtown Santa Fe Art District is home to 126 art galleries and 27 fine crafts studios, making it very appealing to the artistic young professionals.
Price range of 2-bedroom condo:
The average price for a 2-bedroom condo in downtown Santa Fe is around $745,000.
Miami
Miami is known for having a vibrant nightlife and is easily accessible by public transit. There are also many good restaurants, bars, and shops in the downtown area. These young professionals like to dine at some very exclusive restaurants that are only in the downtown area.
Walkability:
The downtown area is more walkable than most other areas in Miami, with several parks and walking trails in the area. There are also several large grocery stores in the area, including Publix and Whole Foods Market.
Attractions:
There are several great restaurants, bars, and nightclubs in the downtown area, including Cruz Bay and Krazy Kat, and many entertainment venues such as Bayside Marketplace and South Beach.
Price range of 2-bedroom condo:
The average price for a 2-bedroom condo in downtown Miami is around $683,000.
Companies:
Some companies that are located in downtown areas include: Whole Foods Market, Lowe’s, and H&R Block.
Conclusion
There are many significant downtown areas near many big cities in the country. These destinations are perfect for young professionals looking to rent an apartment or condo. Some of the best downtown areas include Nashville, Austin, Raleigh, and Santa Fe.
