Yep, that just might be the story. Seems “After more than a decade of growing concentration, we see that the millennial trend of increased downtown living has peaked out and is now beginning to decline.” That’s according to Dowell Myers, Professor of Urban Planning and Demography at Price School of Public Policy.
So, where are they going instead? Well, that would be the suburbs. They’re not yet getting married and buying houses (at least not on par with earlier generations), but with the increased supply of rental homes available in the suburbs, more and more Millennials are moving to the burbs and renting single family homes. Why are there so many single family homes available for rent? That’s easy enough to see. Following the financial crisis, where big banks took millions of homes through foreclosure and then sold them off to mega-investors (courtesy of ultra cheap money from the Fed).
However, prices have been increasing in most markets. And some markets on the east and west coasts are back in bubble land. So, it’s no surprise that the highest percentage of home loans for Millennials are taken in the Midwest, where prices are the most sane (by far).
Want to learn how to buy right in today’s market? EZ… call me.
“I work harder to make good things happen!” -Bob