Millennials Leaving the Cities – But Not Going Too Far

Although millennials tend to live in urban areas as renters, when it comes time to purchase a home they’re opting for single-family structures outside of these urban areas, at least according to the 2016 National Association of Realtors® Home Buyer and Seller Generational Trends study. However, the study goes on to explain a bit more, noting that while millennials may actually prefer to live in a city, high prices may force them to search further out. The numbers seem to bear this out as on 17 percent of millennials purchased a home in a central city area down from 21 percent the year before.

Millennials currently make up the largest group of recent home buyers – 35 percent as compared with 31 percent of baby boomers and 26 percent of Gen X’ers.

What are reported to be the most important elements when it comes to buying a home for millennials? 63 percent cited the quality of the neighborhood followed closely by convenience to jobs by 60 percent.

Leave a Comment