NAHB: Where Do Generations Want to Live?
For millennials, Gen Xers, baby boomers and seniors, suburban living still rules, according to a recent study by NAHB economists.
A 2018 survey on home location preferences found that older generations show less desire to live in a central city, and a stronger desire to live in outlying and close-in suburbs.
The survey found that all four generations reflected a combined majority preference for outlying or close-in suburban homes, with the preference steadily growing from the youngest to the oldest generations.
Looking at millennial preferences over time, there is a clear drop in the desire to live in the suburbs and a sharp increase in desire to live in the central city. In contrast, older generations have generally demonstrated an increasing preference for the suburbs over time.
Although millennials’ location preferences are generally similar to older generations in the earlier surveys, their increased preference for a central city location in the more recent surveys appears unique. The allure of city living for millennials jumped from 6% in 2007 to 23% in 2018.
Although the combined total preference for living in the suburbs (outlying or close-in) still outweighs the other locations for millennials, it is not as pronounced as other generations.
Another trend is evident in what millennials would accept to make their homes more affordable: Their willingness to accept a smaller house is increasing, as is their readiness to accept a smaller lot.
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