Millennials Are Leaving City Life Behind
The urban landscape is changing as more millennials are opting to buy their home in the suburbs. According to the 2016 National Association of Realtors® Home Buyer and Seller Generational Trends study, the number of millennials buying in urban or central city areas decreased by 17% this year.
Lawrence Yun, NAR chief economist, says that while millennials may choose to live in an urban area as renters, the survey reveals that most aren’t staying once they’re ready to buy. “The median age of a millennial homebuyer is 30 years old, which typically is the time in life where one settles down to marry and raise a family,” he said. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is for the most part pushing their search further out.”
However, just because millennials are moving to the suburbs doesn’t mean they want to give up the amenities they enjoyed in an urban environment. Shannon Kutchek, a REALTOR with Smothers Realty Group in suburban LaGrange, IL, says, “Most of my millennial clients are interested in moving to suburbs that have a core downtown, with shopping, restaurants and entertainment. They also look for homes that are close to the train station so they can easily commute to the city for work.”