Preferred neighborhood projects among millennials: yes, in my backyard

Abstract

The millennial generation, Gen Y and Gen Z, have different residential preferences compared to the previous generation. This study aims to understand the millennial’s preferences towards the type of project development and their willingness to pay for the premium towards the preferred type of development to be built in their neighborhood. A total of 407 responses were collected through online survey and analyzed by using relative important index and frequency analysis. The results imply that millennials prefer recreational park, police booth, community garden, transit station and feeder bus route to be built within their neighborhood. Nevertheless, millennials are more willing to pay for the transit station, followed by educational institution, recreational park, police booth, and integrated public transport terminal. This study will help planners, developers, and the local authority to understand the preferences among the millennials, thus matching with relevant development to enhance liveability and better marketability of their residential project.