Skip to main content

Urbanomics: Millennial Migration To The Urban-Burbs

Laura Criscione 
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] Another reason is the large amount of student loan debt that millennials accumulate throughout their college years. The total cost of buying a home with additional costs does not sound encouraging to new homeowners. With the employment rate at an unwavering rate of 5.5% [sic], many millennials don’t think they can afford all the costs associated with buying a home.[3] This is the main reason as to why many of them are choosing to rent.

So where exactly are millennials going? They’re flocking to the cities, but they aren’t going to the large cities like New York, Boston and San Francisco due to the incredibly high cost. Most are making their temporary homes in smaller cities. “..Millennials are moving to new places made just for them, by them—revitalizing smaller cities or opting for hybridized urban-burb enclaves where quality of life is the driving force.”[4] A study, conducted by the Urban Land Institute, showed how most millennials were living in outer neighborhoods, not downtown cities. “Gen Yers want to live where it’s easy to have fun with friends and family, whether in the suburbs or closer in,” says M. Leanne Lachman, one author of the study. This is a generation that places a high value on work-life balance and flexibility. They will switch housing and jobs as frequently as necessary to improve their quality of life.”[5] Most millennials prefer to live in mixed-use communities in smaller cities or city-like communities, known as “urban-burbs”. These communities are attracting millennials since they are looking to be surrounded by more socially conscious and creative environments. [6] Urban-burbs are located in areas near shops, restaurants, cafes and offices. They are also “simultaneously pedestrian-and transit-friendly, environmentally conscious, and incorporate mixed housing types (single-family, townhomes and apartments) and public parks for community gathering.”[7]

As it can be seen, millennials are looking for communities that are eco-friendly, easily accessible to shops, restaurants and work, but most importantly, affordable. They want a community that is on the move, like the big cities are, but without the big cost of rent. These millennials are leaving their parents’ home for the first time and are looking for a temporary spot to fit their needs as they embark on this new stage in their lives.

By: Laura Criscione
Commerce Magazine
___________________________

SOURCES: [1] Braverman, Beth. "4 Reasons Millennials Still Aren't Buying Houses." Forbes. Forbes Magazine, 24 Sept. 2015. Web. 28 Feb. 2016.
[2] Mucklai, Shazir. "Millennials Don't Want to Buy Houses -- Would You Buy or Rent?" The Huffington Post. TheHuffingtonPost.com, 28 Oct. 2015. Web. 28 Feb. 2016.
[3] Mucklai, Shazir. "Millennials Don't Want to Buy Houses -- Would You Buy or Rent?"
[4] Walker, Alissa. "Millennials Will Live In Cities Unlike Anything We've Ever Seen Before." Gizmodo. 16 July 2015. Web. 29 Feb. 2016.
[5] Walker, Alissa. "Millennials Will Live In Cities Unlike Anything We've Ever Seen Before."
[6] "Newswire ." Millennials Prefer Cities to Suburbs, Subways to Driveways. 4 Mar. 2014. Web. 29 Feb. 2016.
 [7] "Newswire ." Millennials Prefer Cities to Suburbs, Subways to Driveways.

Comments

Popular posts from this blog

How Technology Can Save or Break Your Life

Machinery and early industrialism has built the long path to our current technological advances. It is infinitely expanding and advancing each and everyday. Technology has developed and advanced immensely over the past century; it produced many extensive and simple inventions that go unnoticed. For example, the medical field is something that will continue to expand synonymously with the advancement of technology.  However, "at this very moment, technology and human life cannot be separated. We use technology; depend on technology in our daily life and our needs and demands for technology keep on rising"[3]. The field and work of technology will continue forever, which is fascinating and remarkable.

Although technology promotes positive products and/or creations, there are negative aspects that come from it too. "Overuse of electronic devices may cause impairment in the development of a child’s social skills. Children who excessively use electronics may become isolated…

Millennials Are Witnessing the Rise of an Era of Geopolitical Tension

International politics has played a key role in global development in the 21st century. The geopolitical tension among nations domestically and abroad have heightened since many leaders want to maximize their ‘power.’ Just a few decades ago, the United States was the strongest country in the world. Now, there is a rising China, Russia, and Israel. Going from a ‘unipolar world’ to a ‘multipolar’ one, is a new adjustment for many. Countries like the United States and Russia are power hungry and cannot stand to see each other getting stronger.

Tensions arise from several factors. One of the biggest is militarization. This entails threatening a country with armed forces or with nuclear arms, by beefing up their military or nuclear arsenal. Millennial’s are learning about WMD’s (Weapons of Mass Destruction) more and more within contemporary politics. Another factor is the economy. Geopolitical tensions are driving the market at the moment.[1] Each nation wants to have a strong economy, ho…

What’s on The Drink Menu?

Multicultural Millennial Alcohol Beverage Preferences

Millennials continue to provide opportunities for many industries due to their different characteristics. This growing generation has proved to be a great target market for alcohol corporations by distinguishing their varying tastes and preferences. “Not only are millennials 77 million strong, they will account for almost 30% of the total consumer product dollars spend by 2020” [1].
When shopping, this younger generation values experience and authenticity; and when purchasing alcohol, it is no different. They rely on online marketing, blog recommendations and in-store drink tastings to get the most relevant and genuine information about a product. “Millennials 21-34 represent about one-fourth of adults 21 and over, but they account for 35% of U.S. beer consumption and 32% of spirit consumption.
Comparatively, they represent only 20% of wine consumption.”[2] These young adults enjoy drinking different types of alcohol in contrastin…