Forget Big-City Living: More Millennials are Transforming Small-Town America
Everybody knows the deal: Millennials want to be in the biggest cities, in the center of all the trendiness, all the job growth, and, generally speaking, all the action. Right? Well, not so fast.
It turns out that millennial home buyers are increasingly moving to small towns, according to the 2018 Home Buyer and Seller Generational report from the National Association of Realtors®.
About a fifth of those aged 37 and under, 21%, bought homes in a small town town compared with 16% in the previous year, according to the report. That's compared with 15% who moved to urban areas, which has been the same for the past two years.The report is based on responses from a total of 7,866 home buyers who purchased a property from July 2016 to June 2017.
Millennials are defined as 37 years old and younger; members of Generation X are 38 to 52; younger baby boomers are 53 to 62; older boomers are 63 to 71; and members of the silent generation are 72 to 92.
"It's a common myth that all millennials are living in urban centers," says Jessica Lautz, managing director of survey research at NAR. "The majority of millennials are buying in suburban areas, and there's a large share who are purchasing in small towns. It costs less to purchase a home in those areas, and schools are becoming a priority for millennial parents."