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Millennials Choose Cities for First Homes
Millennials are 21 percent more likely than Gen Xers to buy their first homes near city centers, according to a new study.
When accounting for financial factors like credit score and income, the study found that the major factors impacting where first-time buyers purchased homes were: "age (younger adults are more likely to live near city centers, irrespective of generation); being a member of the Millennial generation; and not owning a car."
Amanda Kolson Hurley reports on the new research in CityLab, concluding, "The policy implications are, in short, that the U.S. must plan for higher densities and non-car mobility if the back-to-the-city movement is not a blip."