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Showing posts from March, 2016

Urbanomics: Millennial Migration To The Urban-Burbs

Generation Y, mostly known as the millennial generation, continually illustrates how different they are from their parents’ generation. Unlike the typical “American Dream” of moving to the suburbs to start their lives and have a family, many millennials are moving out, starting families and buying homes later in their lives. Those who are moving out and living on their own, however, are not buying houses but rather renting. According to Redfin, “even as the share of first-time home buyers in today’s market continues to increase, millennials are moving into homeownership at a far slower rate than their parents did at their age.”[1]

There are numerous reasons why they are buying homes later in their lives. For starters, millennials are starting families when they’re closer to 30 years old, instead of 20, so they don’t feel the need to settle down and purchase a home. They still want the option to move around to different cities and having a house could greatly inhibit that. [2] Anothe…