Hip millennials have grown older and wary of high rent and competing against their parents for somewhere to live in crowded cities.
Now, they’re moving to the suburbs, according to CNBC.
Lower costs, better schools, and more space have pushed millennials out of city centers. Sometimes, that’s more necessity than choice.
“The supply of homes for sale, especially in urban areas, is also a problem, and it is particularly critical at the low end, where millennials are likely to be buying. Homebuilders are not focused on first-time buyers and smaller homes because it is harder to make a profit in that segment,” Diana Olick wrote for CNBC.
City policies that favor the wealthy and well-connected have disadvantaged millennials looking to stay in the city. NIMBY activism keeps the largest cities from affordability and vibrancy.
This isn’t a new trend, but the prevailing narrative has been about millennials moving to cities at all costs. When millennials do buy homes in cities, they’re aren’t in the high-cost corridors of the coasts. They’re chasing opportunity in Columbus, Ohio or buying a starter home in Des Moines, Iowa and Provo, Utah.
Millennials, like every other generation, contain multitudes. Some want to stay in an affordable city, but others prefer a more relaxed, spacious suburban setting. That’s benefited the west especially. As millennials pay down student loans and save their incomes, they’re bypassing the stress of the high-cost metro area. Instead, they’re redefining success and remaking mid-sized cities in their image.
