A generation is broadly defined as all of the people born and living at about the same time. Since the beginning of the 20th century we’ve had the Lost Generation, the Greatest Generation; the Silent Generation; the Baby Boomer Generation; Generation X; millennials, sometimes called Generation Y; and we’re currently in Generation Z for babies born now. Every generation has had its impact on real estate, but the generation that is changing the face of real estate right now are the millennials.

Millennials are individuals who have reached young adulthood around the year 2000 making them approximately aged 18 – 34. This age group is the face of home ownership in the future, and if you think the baby boomers have made an impact just wait and see what the millennials are on to.

Pick whatever idiom you like, but everything old is new again perfectly fits what millennials are wanting in their communities. According to a poll conducted by the National Association of Realtors and the Transportation Research Education Center at Portland State University, Millennials prefer walking over driving compared to other generations. When this translates into what types of communities they prefer to live in, the comparisons to older generations is striking.

Millennials prefer living within walking distance of shops and restaurants and having a short commute to work. They want to make use of public transportation, like buses and trains, as an alternative to driving and also would like to use their bikes as transportation, not just recreation.

In addition, they have a preference for living in attached housing, in walkable communities with small yards and sidewalks. Essentially, according to 48 percent of respondents to this poll, the ideal living model for them is a mixed-use, transit-accessible community in walkable urban centers. If I had to guess, I would bet that they also want a nice big friendly front porch where they can wave to their neighbors and have iced tea at night.

Although we haven’t seen this lifestyle concept in a while, it was one that most of America, outside of city centers, lived prior to World War II. The sprawl of suburban America with half-acre home lots, two car garages and driving the kids to school started around 1950 when we had to find homes for all those baby boomers. Well now the small town, walk down the street for an ice cream cone on a summer night lifestyle is back in fashion by a generation that never experienced it.

History repeating itself, another idiom, is happening right in our backyard. Lake Flores the much talked about mixed-use, walkable community with walking and biking trails, restaurants, hotels and variety of housing concepts is about to happen. In July the Manatee County Planning Commission unanimously recommended the 1,300 acre community south of Cortez Road and east of 86th Street for approval, and on Aug. 6 Lake Flores received final approval from the Manatee County Commission.

When the development plan was filed in May last year, it called for 6,500 residential units, 1 million square feet of retail space, 2 million square feet of commercial space and 500 hotel rooms all with an estimated 20 year build-out. If we believe the National Association of Realtors’ poll, I think the millennials will be very happy.

Generations come and go, and by the time Lake Flores is totally built, the millennials could be pedaling their bikes right into retirement. But for now millennials are getting what they want at least in Manatee County.