Property News · August 25, 2017

The miserable reason behind millennials' slow march to the suburbs | Jamie Peck


More and more young people are leaving expensive cities to settle in areas suffering from suburban blight – a sign that the kids could be alrightIt’s common knowledge by this point that millennials are killing everything. From napkins to diamonds to the future of the human race, it seems like no sacred institution or consumer good is safe from this generation of selfie-snapping murderers. Imagine my surprise, then, when Bloomberg News revealed that my generation is now beginning to have kids, move to the suburbs, and purchase homes and cars like real Americans. According to data released by Zillow Group, 18-to-34 year olds have become the largest group of homebuyers in the US, comprising some 42% of the total pool, and almost half live in the suburbs. This tracks with earlier data that said the average age of first-time home buyers is falling and millennials’ representation among said buyers is rising. It is also supported by studies showing that the flow of young professionals to cities has peaked, and the outflow of young couples to the suburbs has started up again. Continue reading…

Source : theguardian.com
Read more…The miserable reason behind millennials’ slow march to the suburbs | Jamie Peck

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