When NAR’s 2016 Home Buyer and Seller Generational Trends study came out, many were surprised to learn that the millennial generation, much like their parents, want to buy a single-family home in the suburbs. This contradicts the perception that most millennials prefer an urban lifestyle.
What this change in housing preference really shows, according to USC urban planning professor Dowell Myers, is that we have now reached ‘Peak Millennial.’
As he pointed out to CityLab, “In 2015, those millennials born in 1990, the largest cohort born in any one year—turned 25.” This age represents a turning point, where young people start thinking about their living and working situations in a different way, eventually leading them buy housing in the suburbs.
Lawrence Yun, NAR’s chief economist confirms this age-shift in housing, saying, “The median age of a millennial home buyer is 30 years old, which typically is the time in life where one settles down to marry and raise a family.”
Source: “Have U.S. Cities Reached ‘Peak Millennial’?,” CityLab (March 16, 2016)