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Millennials still planning for suburban life


You can hold off on writing that eulogy for suburban living for now, because according to a new survey conducted by the National Association of Home Builders, millennials remain very much interested in moving on from city life in pursuit of spacious homes.

The NAHB revealed results of the survey at the 2015 International Builders’ Show last week in Las Vegas. A stunning 66 percent of 1,500 respondents born no later than 1977 claimed they want to live in the suburbs, while another 24 percent expressed interest in rural living. Only 10 percent indicated they wanted to live in a city center.

What gives?

It could be as simple as square footage. Eighty-one percent of respondents said they want three or more bedrooms in their home — an amenity as expensive as it is rare in any major U.S. city center.

“While you are more likely to attract this generation than other generations to buy a condo or a house downtown, that is a relative term,” said Rose Quint, the association’s assistant vice president of survey research. “The majority of them will still want to buy the house out there in the suburbs.”

The millennial cohort — estimated at 7o-80 million people — represents the largest population bulge since the baby boomers.