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Chicago home values are increasing faster in the city vs. suburbs

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Americans are taking to the city lifestyle more and more, and while the suburbs are gaining traction as millennials reach the peak age to start a family, urban living doesn’t seem to be slowing down.

Zillow released a report measuring home value trends in urban settings versus suburban settings, finding that city home values are outpacing those in the suburbs.

The analysis was based on a survey Zillow conducted to determine how people define the communities in which they live– rural, suburban or urban. By using characteristics of those places and defining ZIP codes, Zillow broke down the shifting of home values over one and five years.

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“This trend, in part, reflects home buyers’ changing preferences, as they seek amenity-rich, dense and walkable areas that are often closer to their workplace,” said Zillow chief economist Dr. Svenja Gudell, in a statement.

“In the future, this lifestyle trend will change some suburbs as we know them, and they’ll start to feel more urban as buyers move further from city centers in search of affordable housing in communities that still feel urban.”

In the nation, the 2015 urban Zillow Home Value Index was $269,036, which is an annual change of 7.5 percent and a 28.4 percent five-year uptick. This is compared to $263,987, the ZHVI of houses for sale in the suburbs, which marks a 5.9 percent annual increase and a 21.1 percent five-year increase.