A majority of millennials want to own homes, but they’ll likely be forced to live in the suburbs due to the high cost of living in cities run by Democrats.
New data from a survey of individuals age 19-35 years old conducted by Bank of America Merrill Lynch found that 66 percent of millennials rated the concept of home ownership as “important” (40 percent said “important” and 26 percent said “very important”).
Younger millennials ages 20-24 were more likely to say that they’re not at the right point in life to buy a home. However, older millennials ages 30 and above were more likely to say that they were ready to buy a home, yet lacked the financial resources to do so.
In their findings, researchers also presented the top ten cities with the highest move-away rate for millennials. A rising demand for housing in major metro areas has caused prices in these cities to rise significantly.
Of the ten cities listed, Silver Spring, Maryland had the highest projected move-away rate for millennials at 144 percent. Silver Spring is likely experiencing the effects of the rapid price increase of housing in nearby Washington, D.C., which came in sixth on the list with a millennial move-away rate of 103 percent.
California was the state that had the most cities on the list, with six major urban areas experiencing large millennial move-away rates. The six cities and their millennial move-away rates are: Orange County, CA (123 percent), Oakland, CA (112 percent), Los Angeles, CA (100 percent), San Jose, CA (98 percent), San Diego, CA (96 percent), and San Francisco, CA (91 percent).
New York City, NY (106 percent) and Chicago, Illinois (105 percent) also made the list with high rates of millennials moving away.
