What City Living? Millennials Flocking Back to Suburbs
Oh, the places you’ll go!
Younger generations seem to be heading out of the bigger cities and back into the suburbs.
According to the U.S. Census Bureau Data, suburbs now account for 14 of the 15 fastest-growing U.S. cities with populations of more than 50,000.
A shortage of affordable housing in these big cities is leading millennials to head back to the neighborhoods they once grew up in.
In the early 2010s, cities with populations greater than 250,000 greatly surpassed suburban growth. The last five years has seen the average growth in larger cities dropping by 40%.
Suburbs do have to fit certain criteria, however. Younger generations are looking for areas with good weather and a plethora of job opportunities.
With single-family construction permits increasing by 1.6% in the first quarter compared to a year ago, we’ll have to see where the next generation of homeowners will flock to.