There’s a continuing generalization that Generation Y, commonly known as Millennials, is increasingly becoming more independent and narcissistic. A feeling of entitlement often characterizes their way of thinking, and this reflects best in terms of where they want to live.
Most young adults who are part of this generation often move to big cities where they, presumably, want to carve their place in the wide world. Despite this, there’s an increasing prevalence of Millennials now moving back to the suburbs, and it isn’t their age that’s making them do this.
The Revival of Suburban Living
The idea that Millennials hate suburban living is actually an unfair generalization of a rather complex trend. While there’s no doubt that many detest living in a slow, often uneventful community, this is only true in their first few years of independence. Teenagers want to get away from it all, and they capitalize on their newfound freedom the minute they move out of their homes.
This general view of how Millennials think is limited at best, and it doesn’t take into account their aspirations for homeownership.
It’s surprising to think that the most independent generation of our time actually wants to settle down, but this is an undeniable truth. Gates Estates notes that the majority of the people who are starting to ‘move back’ into suburbs and gated communities aren’t retirees. They are actually people from Generation Y who are planning to settle down and start families of their own.
The reason for this change in trends and views about homeownership isn’t all about age, though. Although most companies and businesses are located in the big cities, these often encourage different kinds of housing options. This allows more Millennials to move back to the suburbs instead of renting out apartments.
Small businesses are also becoming more competitive, which means more job opportunities away from the increasingly congested environment in the city’s major business districts.
Looking at Millennials and their view on homeownership is an interesting study on the cyclical nature of every American generation. Only time can tell if Generation Y will continue this trend or break away from tradition and fully revitalize the idea of suburban living.