Zillow: Millennials Drive Housing Market, Gravitate Toward Suburbs
Though living in a major city is popular with the young adults of today, many people in the industry have maintained that Millennials will flock to the suburbs, eventually.
A new report from Zillow backs up that sentiment. The Zillow Group Consumer Housing Trends Report found that half of all homebuyers are under 36 years of age, and that 47 percent of Millennial homeowners live in the suburbs. Cities are expensive, and Millennials are taking advantage of large, affordable, starter homes in smaller communities.
A third of millennial homeowners, however, still live in the urban core, the highest share of any generation.
Although millennials are jumping into the homeowner pool in greater numbers than previously believed, it is not without second thoughts. Two-thirds of millennial buyers consider renting at the same time they shop for a home — and one in three seriously consider it.