Will Millennials Buy Real Estate In The Suburbs?
Q: Gerald, I’m a suburban realtor–everything that I read about Millenials seems to point to the idea that they prefer city living. Should I focus on finding urban properties for Milennial buyers? Karen, Rockaway, NJ
A: Social Media and the Internet help spread “conventional wisdom” narratives faster than ever. One of those pervasive narratives is that all Millenials prefer to live in cities. There is evidence that supports this claim including the fact that many companies have relocated to urban cities to attract Milennial employees. In spite of this, the fact is that in the last year more than half of Millenial home buyers (52%) purchased homes in the suburbs and more than one fifth of these Millenials purchased homes in small towns.
Perhaps this is due in part to the fact that they couldn’t afford to buy a home in the city, but nevertheless it undermines the commonly held notion (particularly among non-Millenials) that Millienials only live in urban centers. Generalizations of all kinds may be convenient but they are often inaccurate.
As with any buyer, you are better off not making your own assumptions but rather asking questions and then letting your buyer’s answers to those questions drive next steps.
Thanks for your question, Karen. For more real estate information and tips visit my blog at geraldlucas.com.