The baby boomer generation dreamed of owning suburban homes behind white picket fences, a new study shows millennials are choosing to live in cities as people in their great-grandparents’ generation once did—and Austin, TX, is their favorite. According to a recent Nielsen survey, 62% of millennials polled said they preferred to live in urban "mixed-use environments". They also would rather rent than own. Two-thirds of millennials surveyed are renters, and many share residences with family members or roommates.
“For the first time since the 1920s, growth in U.S. cities outpaces growth outside of them,” according to Nielsen. When it comes to finding their perfect rental, millennials who are considering moving to a city may do best in socially conscious areas. Many of these areas already have a high millennial population, according to Nielsen’s top 10 markets for millennials:
- Austin, TX
- Salt Lake City
- San Diego
- Los Angeles
- Las Vegas
- San Francisco
- Dallas-Fort Worth
Neighborhood cool factor also plays a big part in where millennials choose to live. For Sky Allred, a service industry employee who recently relocated from a suburb to a rental in Fort Worth, TX, said what sold him on the area wasn’t the rental rates or the types of housing, but the sense of community he feels. “We’re very close-knit here,” Allred said. “Everyone hangs out and supports each other.”
Convenience is still a factor for millennials, as long as it mixes well with a creative environment. “There is a Wal-Mart grocery store here and some fast food chains,” Allred said, but what really impressed him was the thriving small business scene. “The small stuff is what people tend to support here.” And he’s never far from creative activities, something millennials strongly prefer. Allred said “an active music scene, art and cultural activities and more opportunities to socialize” matched his personality.
Being close and able to walk to areas is also important. In 2011, 66% of millennials owned a car, according to the Nielsen study. Millenials are an environmentally conscious generation and even many of those who own a car prefer to walk whenever possible. Allred, who doesn’t own a car, said living in an urban setting is better than being in a suburban environment because he can walk to anything, including work.
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Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Max Broock in Birmingham, Michigan. See what past clients have to say about Stephanie Lang. Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate. you would like information on homes for sale, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you.