New research suggests that millennials are remaining in urban areas as they transition from renting to homeownership.
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."
FULL STORY: Millennials Are More Likely to Buy Their First Homes in Cities
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