Millennials Are Moving To The ‘Burbs
Last year, we wondered if Millennials would ever move back to the 'burbs. In what could mark a new trend, a new NAR report says Millennials are buying their first homes in the suburbs.
According to the report, the number of Millennials buying homes in urban areas dropped from 21% last year to 17% this year. In addition, 5% fewer bought a multifamily property in cities, the World Property Journal reports.
Millennials remain the largest group of recent buyers for the third year in a row, making up 35% of all buyers (compared to 31% for Boomers). And Millennials are typically moving out of cities once they can afford to buy—which tends to happen when they are 30 years old and making $77k a year. [WPJ]