- The eldest millennials are getting closer to middle age and settling down.
- A new study found that millennials find suburban life and the lower cost of living appealing.
- Millennial homeownership is delayed due to student loan debt.
Millennials have been pegged as the scourge of all things conventional and once considered sacred. They’ve been blamed for the end of napkins, fast-casual dining restaurants and bedsheets — but now they’re proving to follow tradition, based on a new buying trend for the age group. The generation that once flocked to cities has experienced a change of heart: Millennials are now headed toward the suburbs. An Ernst & Young survey of 1,200 adults aged 20-36 revealed that more of them are buying homes in the suburbs than in cities.
The homebuying trend signifies that the term “millennial” is no longer synonymous with a young person free from responsibilities. As millennials continue to mature — the eldest are now in their mid-30s — many are following life’s well-worn paths and hitting conventional milestones including starting families and homeownership.
Keep reading to see how millennials are growing up and doing exactly what every other generation does: leaving the cities for the suburbs.
Why Millennials Are Buying Homes in the Suburbs
Millennials have traded pricey cities for more affordable suburbs, where dollars can stretch a little further. Even for the millennials who have yet to become homeowners, the overwhelming majority are stifled by costly student loans or consumer debt, regardless of owner or renter status, with 38 percent of survey respondents living in suburbs compared to 37 percent who live in cities.
Timing: Millennials Still Differ From Other Generations
Still determined to blaze their own path, millennials might be following suit of preceding generations, but it’s on their own timeline. Compared with the 45 percent of Gen Xers and baby boomers who owned homes when they were between the ages of 25 and 34, just 40 percent of millennials own their own homes.
Boomers vs. Millennials: A Look at the Financial Gap Between Generations
After the requisite cracks about blowing all of their money on avocado toast and artisanal coffee, millennials are reportedly better able to cover their expenses than they were in 2016 but remain economically insecure across the board thanks to student loans and other debt.
Keep reading about why millennials and Generation Z are suffering from the lowest credit scores.
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- Watch: How Much Would You Have If You Saved $1 a Day for Your Entire Life?
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