Millennials Prefer Affordability of the Suburbs
Digested from “Most millennials defy stereotype of downtown-living youngsters, survey finds”
The Washington Post (5/13/15) Shaver, Katherine
Half of Millennials are currently renting, with 63 percent living outside of downtown areas or in the suburbs, and 27 percent sharing space with a roommate. This preference for suburbs over hip downtown locales is a cost-saving measure--and just one of the many highlights in a new report released by the Urban Land Institute.
This generation, which has been significantly affected by the Great Recession in terms of career development (or the lack thereof), is highly mobile — 45 percent have moved at least twice in the past three years — and does not think homeownership is necessarily a good investment.
The study also revealed that, although millennials may not live in the city, they value “walkability, transportation alternatives, and easy access to shopping, entertainment and places to ‘hang out.’”