Eighty percent of Americans buy their first house between the ages of 18-34. While the Millennial Generation’s (born 1982-2003) delayed entry into all aspects of young adulthood has sometimes been characterized as a “failure to launch,” the generation’s preference for single tract, suburban housing should become the fuel to ignite the nation’s next housing boom as Millennials fully occupy this crucial age bracket over the next few years.
According to a study by Frank N. Magid Associates, 43 percent of Millennials describe suburbs as their “ideal place to live,” compared to just 31 percent of older generations. Even though big cities are often thought of as the place where young people prefer to live and work, only 17 percent of Millennials say they want to settle in one. This was the same percentage of members of this generation that expressed a preference for living in either rural or small town America. Nor are Millennials particularly anxious to spend their lives as renters. A full 64 percent of Millennials surveyed, said it was “very important” to have an opportunity to own their own home.
