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Is millennial homeownership in the Golden State a ‘fading promise’?

  • Once millennials get to a certain age and household size, they prefer to live in the suburbs, research shows, and housing development policymakers should take note.

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Policymakers for California's biggest cities are laboring under the delusion that millennials want to live cheek by jowl in the urban core their whole lives. But greater numbers of them are heading for the suburbs than ever before, according to a recent report. Millennials approaching 30 want a life in the suburbs with good schools nearby and single-family homes like everybody else, said Joel Kotkin, co-author with Wendell Cox of Fading Promise: Millennial Prospects in the Golden State, done in collaboration with the California Association of Realtors' (C.A.R.) Center for California Real Estate. Although younger millennials have gravitated toward core cities more than previous generations, as they get older, they actually move to suburban locations more than those their age have in the past, said Kotkin, who is the director of Chapman University's Center for Demographics & Policy, in the report. "When they get to their 30s, people don’t want to live in a one-bedroom ...