March 8, 2017
New research reveals that a majority of millennials are interested in buying a home in the suburbs. In fact, the studies show they are already making the move, largely basing the decision on affordability.
The reports by by Zillow and Harvard University show millennials are breaking from stereotypes of primarily preferring to rent in urban living environments that offer experience over equity. Zillow found that the group makes up roughly 10% of the nation’s homeowners, with nearly half owning in the suburbs, 33% in urban environments and 20% in rural areas.
Harvard’s study found millennial homeownership rates were 5% higher in metro areas, where median home prices were 20% below the national median. The metrics demonstrate that, if millennials can afford to become homeowners, they will.
For comments, questions or concerns, please contact Dennis Kaiser