Millennials have a reputation for loving social media and big city living, but the truth is their idea of the American Dream looks a lot like their parents’ did.
There are 77 million Americans between the ages of 18 and 36, and they account for 24 percent of the U.S. population. These so-called Millennials–who like being close to shops, restaurants and offices–currently live in urban areas at a higher rate than any other generation, according to Nielson.
But is that because they love city life? Some demography experts have suggested the reason there are so many Millennials in urban areas is because they haven’t been able to save enough money that would allow them to leave and possibly purchase a home elsewhere.
And when they do, according to a recent study by the Demand Institute, they’ll be heading to the suburbs.
Forty-eight percent of Millennials surveyed say they expect to move to these outlying areas, which are usually separate residential communities within commuting distance of a city.
More than one-third of those surveyed expect to purchase a single family home and most of them want more space.
And while Millennials generally love being within walking distance to shops and restaurants, those who are eyeing suburban life say they don’t mind being a short drive away from grocery stores, eateries and stores.
While all this suggests suburbs are going to remain an important part of the American landscape, the look of these outlying areas is likely to change to suit Millennial tastes. Communities that combine the best of city living–such as convenience and walkability–with the best of suburban living–good schools and more space–could be the ones to flourish in the future.