Millennials Moving to Cities; Older Generations Staying Put
"So far, with a few exceptions or outliers, not many people other than the millennials are marching to the cities," writes Alan Mallach.
But what does that mean for the long term future of cities, especially given the likelihood that millennials might not stay in cities for long, and older generations might not be going anywhere?
As Mallach argues: "While the aging of the baby boomers is still unfolding, I have yet to hear a compelling argument why their housing choices as they grow older should be all that different from those of prior generations; a 2010 AARP survey found that nearly 3 out of 4 respondents aged 50 to 64 strongly agreed with the statement 'what I’d really like to do is stay in my current residence as long as possible.'"
In some cities experiencing millennial population growth, a rising tide has not lifted all boats, according to Mallach. "Instead, the thriving pockets and the rest of these cities almost seem to exist in parallel universes, one thriving and growing, the other still shrinking and declining, and the gap between the two steadily widening."