Millennials currently represent the largest segment of American homebuyers. Furthermore, there is a shift in the type of community’s millennials are looking to live in. Agrihoods, short for “agricultural neighborhoods” are rising in the U.S., especially among younger generations of home buyers.
The Urban Land Institute defines an “agrihood” as planned housing community with working farms. These neighborhoods have grazing lands, nutrient rich soil, barns, and outdoor community kitchens. In addition, the homes are built to high environmental standards featuring composting and solar energy. Agrihoods are designed to appeal to young, active families who love to eat healthy, enjoy spending time outdoors, and see the value in environmental awareness. According to the Urban Land Institute, there are about 150 agrihoods across the country. Some of these neighborhoods are just minutes outside of large urban hubs like Atlanta, Phoenix, and Fort Collins.
“Agrihoods represent a combination of economic profit, social benefit, and sustainability” said Keith Knutsson of Integrale Advisors.
The development company that coined the term “agrihood” was Rancho Mission Viejo, based in Southern California. The emphasis is on sustainable living, aiming to draw young families as and well as retirees to the communities. All residents of the community have access to communal farms with orchards, workshop space, raised planters, in-ground crops, and fruit trees. However, newer developments in these neighborhoods are not cheap. Homes in these communities typically range from the low $400,000s to over $1 million.
The involvement of the community makes it easy for residents to participate in local programs. In addition, the act of sharing harvest benefits with neighbors brings the community together, thus allowing it and its citizens to thrive.