There has been a flurry of news reports recently touting the droves of Millennials flocking to the suburbs. Although this may make for a great headline, the message is not representative of what is actually occurring within the housing market.
First, the cited survey by the National Association of Realtors (NAR) focuses on Millennial homebuyers, not migration patterns of Millennials, which includes buyers and renters—these are two very different subjects. Second, the key point in the survey’s first paragraph indicates that when Millennials do buy a home, they are buying outside of the central city. This is not news, but is expected, given central city pricing and substandard city schools. The article is not making the point that all Millennials are moving to the burbs in droves.
As it relates to Millennials moving into and out of the city/suburbs (both renters and buyers):
Read more...Millennials: Delaying the Move from Gotham to Mayberry
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