The 20 to 35-year-old age group known as millennials are characterized as being lazy and having a sense of entitlement. However, our recent GenFKD Money Millennial survey concluded that 75 percent of participants would rather live in suburbs than cities.
Millennials today are faced with high amounts of student loan debt, low-earning wages compared to the previous generation — topped off with a struggling U.S. job market. Youth emerging out the Great Recession know all too well the struggles that even some parents may have experienced during the housing crisis.
All combined, it’s no surprise why millennials are excelling at financial savviness in their push for suburbs.
Benefits of the ‘burbs
Even though suburban areas don’t have the glitz and glam of environments such as New York City, they offer more of the return on investment when compared head to head.
Suburban areas typically market larger homes at a less expensive price. Realtor.com reports that the average per square foot for a home in Silver Spring, MD is $248, while Washington, D.C is $432. They also found that suburban residents were paying less in state and local taxes.
Another gain in suburbs is the exceptional school districts, making it a major consideration for individuals looking to start a family. Lower crime rates and growth in job markets provide a better quality of living that adds to the suburban admiration.
Young people taking interest in these communities might be proving that they’re planning wiser than any other past group.
Millennials are excelling when it comes to managing their finances. J.P. Morgan Chase & Co. noted that millennials were saving — including for retirement earlier, were careful in budgeting and spending when compared to gen x and baby boomers. It may not be the area that is attracting the younger generation, but actually the ROI that it presents.
Living in the suburbs can offer millennials financial stability and a fulfilling future. Compared to urban environments, city residents are losing out economically in terms of the cost for homes and quality of education for their children. The millennials desire for suburbs is just another sign that the lazy kids are doing a lot better than you may have expected.
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