DataLifestyle

Are millennials abandoning the suburbs, or just the suburban lifestyle?

Study shows urban population growth outpacing suburbs for the first time in nearly a century
  • There are 75.4 million millennials compared to 74.9 million baby boomers across the U.S, according to U.S. Census data.
  • When millennials can’t afford the urban core, they opt for areas nearby with solid opportunities and accessible public transit.
  • Once overlooked, Downtown Los Angeles has undergone a transformation due to heightened demand for the urban lifestyle.

Millennials (adults between 18 and 36 years old) are now the nation’s largest generation next to baby boomers. There are 75.4 million millennials compared to 74.9 million baby boomers across the country, according to U.S. Census population estimates reported in a recent Avison Young urbanization report. The Canadian-based commercial real estate company outlined how millennials have re-shaped cities as desires have shifted. The metropolitan lifestyle, filled with public transit, restaurants, culture and retail is enticing to many young professionals. However, the high costs of urban living in areas like Manhattan has caused a sprawl to the outskirts with comparable amenities. When millennials can’t afford the urban core, they opt for areas nearby with solid opportunities and accessible public transit. Now, “urban-burbs” are sparking up, boasting fewer residents and a family-friendly atmosphere, but similar accommodations offered in the city core. In many ways, these...