Suburbs swell as a new generation escapes the city

Photo by Blake Wheeler on Unsplash

REALTOR Magazine

Following census results, experts are noting that many suburbs are the place to be, especially for millennials. A shortage of affordable housing options may be one motivation for the migration. Additionally, new construction in exurbs of larger cities can be another lure. 

[…] Millennials have been selective about which suburbs they choose to call home. Frey notes that suburbs with good weather, plenty of job opportunities, and those largely in the Sunbelt are growing more than double the rate as their neighboring cities. These suburbs are often within commuting distance to cities or they offer outposts of corporate businesses.

In the early 2010s, growth rates in the cities with populations greater than 250,000 far outpaced suburban growth. Over the last five years, that has changed. The average annual growth in larger cities has dropped by 40%, according to census data. The suburban areas surrounding the 50 largest metro areas comprise 79% of the population of those areas, according to a 2016 study by the Urban Land Institute’s Terwilliger Center for Housing.

Read the story online here: Suburbs Are Cool Again, and Younger Generations Swoop In

 

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