In the article when asked where they would prefer to live, most millennials answered in the suburbs. In fact 66% answered they preferred to live in a single family home rather than a condo or townhouse. The privacy, size and low HOA fees have become more appealing and affordable with the stable growth in the job markets.
As Millennials ourselves with the Bradley Potter, PLLC Home Selling Team we are at the age where we are starting to settle down, our families are growing and we are ready for a little more privacy. We have also matured since our 20's and our parenting statuses have taught us we need to be ready to take care of things and people other than ourselves. The privacy of the backyard and the responsibilities that come with it no longer scare us!
Not since the baby boomers, a generation that counts roughly 76 million people, has there been such a big population bulge.
For home builders, the survey results carry particular importance.
“The preference for the suburbs suggests that future demand will be in the form of single-family homes rather than condominiums more prevalent in cities,” said David Berson, chief economist with Nationwide Insurance Co. “That’s also good news for future suburban single-family sellers, many of whom are baby boomers.”