Millennials choose suburbs over city
Millennials are more likely to purchase a home in the suburbs than in the city, according to new research from Ernst & Young.
Researchers discovered that a majority of millennials aged 20 to 36 who rent are also opting for suburban life. When researchers pooled both owners and renters together, 38% of millennials live in the suburbs, compared to 37%.
The decision can be driven by finances, as buyers typically fork out 26.5% of their income for a city residence, compared to 20.2% for a comparable suburban home.