Real Estate Trend: Millennials Flocking To The Suburbs
Traditionally, younger generations have favored living in cities over the suburbs. But as the cost of living in major cities becomes increasingly expensive—and younger generations get priced out—more millennials are abandoning city living in favor of the suburbs.
According to a recent article in the Wall Street Journal, more millennials than ever are flocking to the suburbs. While growth rates in larger cities (cities with a population of 250,000 or more) thrived in the early 2010s, rising expenses over the past five years have caused a significant decline; the average annual growth in larger cities has dropped by 40%. Today, suburban areas are the ones that are thriving. According to data from the US Census Bureau, today 14 of the 15 fasting growing US cities are suburbs—and that growth is, in large part, thanks to younger generations embracing the affordability of suburban life.
If you're a millennial, you might want to consider moving to the suburbs; not only will the cost of living most likely be cheaper, but real estate is often more affordable—which means that buying a home of your own could be a reality much sooner than you'd think.
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