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Millennials Are Choosing Suburbs Over Cities, New Survey Says

Element One apartments is one of many available offerings for young adults in Stamford, a city known for attracting millennials.
Element One apartments is one of many available offerings for young adults in Stamford, a city known for attracting millennials. Photo Credit: Provided

A new survey shows a fascinating shift in trends when it comes to millennials and their preferred living situations.

The survey, titled " The Millennial Economy 2018 ,’" went over some key figures and compared them with perceptions of generations past.

The survey includes an array of data regarding the timelines for many major milestones, e.g., moving out of their parents’ house, buying a home, and getting married.

Even though the survey shows that more than 80 percent of millennials have to delay home ownership as a result of student debt, they still have their sights set on the suburbs for when the time comes.

About 38 percent of millennials are choosing to live in the suburbs, compared with 37 percent who choose the city. This may seem like a small or even negligible difference, but it’s reflective of a deeper-seated issue: that incomes aren’t keeping up with the cost of housing.

The survey cites a 17 percent increase in median income for those between the ages of 25 and 34. But the costs of urban living have increased by an estimated 29% in the last 10 years. This difference is what’s causing many millennials who had previously been city-dwellers to reconsider their residence and opt for the lower cost of suburban living.

The bottom line is this: the economy is changing, and it’s up to millennials to take responsibility in crafting a financially viable future.

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