Rich millennials are buying homes where they can live near their parents and grow their own avocados

• A new type of housing community known as an "agrihood" is popping up around the US.
• Agrihoods combine the amenities of a rural farming community with the convenience of a modern, metropolitan neighborhood.
• Millennials and active retirees alike are flocking to the agrihood at Rancho Mission Viejo in Orange County, California.

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Farm life isn't what it used to be.

A new type of housing community called an agrihood — short for "agricultural neighborhood" — is one of the latest real estate trends gaining popularity across the US.

Agrihood developers aim to bring the amenities of a rural farming community, like fresh produce and ample outdoor space, to modern, metropolitan neighborhoods. The homes are typically built to high environmental standards, too — think solar panels and composting.

"With the shifts in how people connect, developers and planners are seeking creative alternatives to create vibrant, engaging ways to create community," said Paul Johnson, senior vice president of community development for Rancho Mission Viejo, a 23,000-acre master-planned community in Orange County, California.

"Where in the past it might have been a retail plaza or community center, now developers are looking at what kinds of places meet the changing needs of how people live," he said.

The Ranch at Rancho Mission Viejo is building its neighborhoods around communal farms. Its agrihoods attract millennials, who represent the largest segment of American homebuyers today, and active retirees alike.

We explored the agrihood on a recent visit to The Ranch — take a look:

SEE ALSO: Rich millennials are ditching the golf communities of their parents for a new kind of neighborhood

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The Ranch at Rancho Mission Viejo is California's largest new master-planned community. Upon completion, there will be 6,000 acres of homes and nearly 17,000 acres of habitat reserve. To date, The Ranch construction is about 25% complete.

The first two villages, Esencia and Sendero, have a combined 3,411 residences, including townhouses, single-family homes, and apartments.

Newly-built homes range from the low $400,000s to more than $1 million. Both villages also offer homes available exclusively to folks 55 and older to promote intergenerational living.

See the rest of the story at Business Insider

Contributer : Tech Insider http://ift.tt/2Afaczg

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