More millennials are moving to the suburbs and buying homes, according to a new survey by the National Association of Realtors. This U.S. News article by Teresa Mears highlights some of the reasons why.
As they get ready to start families, city-loving millennials are making an unexpected choice: They are moving to the suburbs, much as their parents did decades ago.
“That’s where the trend is going,” says Tiffany Alexy, a broker with Lucky Penny Realty Team in Raleigh, North Carolina. “You really tend to get more for your money in the suburbs.”
A new survey by the National Association of Realtors found that the share of millennials, those born between about 1980 and 2000, buying in an urban or central city areas decreased from 21% to 17% from 2014 to 2015. Like buyers in other age groups, the majority of millennials bought a detached home in the suburbs.
“Millennials know they’re getting more value when they buy in the suburbs,” says Victor Quiroz, a millennial agent at Berkshire Hathaway HomeServices California Properties in Covina. For the price of an urban loft apartment, they’re getting a three-bedroom, two-bath house in a safer neighborhood with better schools, he says. “They’re finding a sweet spot where they aren’t too far away.”
Unlike their parents, the millennials are looking for suburbs with urban amenities such as yoga classes, health food stores and walkable downtown areas, close to parks and natural areas. They also don’t want long commutes.
Some reasons why millennials are moving to the suburbs:
They get a better deal. Many millennials are buying their first home, and they are finding a better deal in the suburbs than in the urban core.
They need more space. The cost of a three-bedroom, two-bath house in the suburbs may be less than the cost of a one-bedroom condo in the city. For young people who have or want children, the extra space is important.
They want a yard for kids and dogs. Urban environments make it harder to have a dog, since you can’t just let it out but have to walk the dog, often traveling down on an elevator or some stairs. And it’s hard to play baseball with your kids in a condo courtyard. Suburban homes with yards make family life easier.
They see potential for resale value. Many millennials think they may return to the city when their children are grown and they don’t need as much space.
