Millennials Choosing Suburbs Over Urban Neighborhoods According To Zillow

Almost half of millennial homeowners live in the suburbs, and the majority stay in the same city when they buy a home. According to the 2016 Zillow Group Report on Consumer Housing Trends, millennials made up 42% of home buyers last year, more than any other generation, with most of them buying for the first time. Millennials, those ages 18-34, associate homeownership with the American Dream and believe that buying a home is a good financial investment, even more so than Generation X and baby boomers. But until recently, they were delaying homeownership, and it was difficult to know where they would actually purchase homes when they started buying. The median age of a first-time home buyer is 33 years old, compared to 29 a generation ago.
Almost 50% of millennial homeowners live in the suburbs, while 33% live in an urban neighborhood and just 20% live in a rural area. Of the millennial buyers who moved in the past year, 64% stayed in the same city and just 7% moved to a different state. When millennials become homeowners, they skip the traditional starter home by choosing larger properties with higher prices.